Possible BTC path to ~$9000
It is VERY difficult to deduce anything this early, however, I'm currently considering a path to 9k like this: 8500 -> 7900 -> 8970 -> 8380 -> 9110/9380.
(More of a guess at this point, too little data.)
(More of a guess at this point, too little data.)
Note
Very strong run up into resistance level at $8700.Be cautious of incoming correctional wave (downtrend).
Note
BTC to: $8110 (7hrs) -> $8780 (23hrs) (My latest estimates, given new/better data)
Note
(Updated) BTC to $8110 (7hrs) -> $8780 (23hrs) -> 9370 (possible)(My latest estimates, given new/better data).
Note
I just noticed the huge Buy Wall which is keeping the prices up at the moment. It can tempt anyone to "jump in" for the "ride up".Please be careful, it could be a "trap". I don't advise buying into BTC at this very moment. I prefer to wait for a slight correction.
pbs.twimg.com/media/DVniuS-U8AYUGs4.jpg
Note
Currently still right on track with my chart from hours ago.We should see some small up-trends along the way down, but I don't consider it safe to consider any as a true upward rally, until we reach near my target.
Note
BTC to $8110 (4.5hrs) -> $8750 (19hrs) -> 9370 (possible) Note
Some upward movement during the down-trend is expected, as I mentioned.
Monitor the price movement for the next 15-25 minutes.
If there is still upward movement, then another Bull-run (upwards) is possible. Otherwise, another sharp dip could be coming. Always analyze periodically
Note
Bulls very determined to push the price up today. After a long fight at multiple price levels, especially 8700, they've currently breached to new highs.I put that yellow box in the path of my line earlier, as I knew it would be a tough spot to break through.
Note
Since the price has forced off course, onto a new channel, consider looking for bounces along this green line. If they are pressing all the way upward to 9k profit can be taken along the drops.We can only analyze the current situation, never predict the future with 100% accuracy
Note
I advise caution here in chasing to buy the run-up. This could well be the end of 1 very long wave (I interpreted the previous point to be the end of a wave 1).Overall to me, too much consistent upward climb to buy into BTC at this point. Do use your own judgement and analysis.
Note
Current path I am considering, if we break down through the orange channel.BTC @ 8160. Then more upward movement possible still.
Bulls still fighting to push price up, I saw it touch 9000 (for only a second). Probably just done for motivational reasons. :)
Note
Zoom in really close on a 1-minute chart, and you'll see a Huge +1800 BTC Volume push, just to breach the 9k mark. :) (Lasted a second)Likely done for motivation, breaking a mental barrier that will encourage new buyers to help support an upward price.
Note
Very persistent action by the Bulls in the market today. BTC price still hovering $8900-9000.Most analysts also didn't predict this exact path to 9k, many agreeing that the sustained push was unnatural. But at least we got there :)
I do believe that Binance was a major factor.
Binance (the world's largest cryptocurrency exchange by trading volume) was down for 12-24hrs(?) which I believe caused us to miss the 9k target yesterday (weakened momentum).
My chart of today took into consideration yesterday's trajectory, but not Binance's return to the markets.
This likely caused the unexpected direct run to 9k
Note
Highly likely that the $9000 BTC rally is over (for now).Will update with a chart in some minutes.
Note
Do remember still that this is all just my "honest perspective", and none of my tweets are "professional advise". :) Do always consider carefully each of your trading actions, and never blindly without reasoning, follow ALL of any 3rd party's source's calls.Note
DO still keep an eye out for the ~8720 level, where my orange arrow is pointing to.If there will be any further breakout (upward push), it will likely be at that point.
When we get there, we will have a better idea of the next direction.
Note
Caution still...Note
Price has NOT moved for 30 minutes now... Very tricky market today. Very tricky investors (whales) at play.Unsuitable conditions to deduce anything immediately.
Note
85 BTC Volume traded in one minute, and not a budge...Note
Price broke upward. But still caution. Still unsafe.Note
Notice something very interesting... Look at the dotted line, where the arrow points to. (Bitfinex BTC chart)The price stops moving abruptly, yet the price jumps back on course right away once Binance is back online.
Likely BOTS are running ~90% of this
BTC trade volume. Predetermined path.Note
This upward movement can be very tempting. But my advice is still to stay Out (not buy into BTC right now)Rationalize, how much upward movement is needed to make a profit?
If you jump in at $9050, even if we get to $9200, that's only ~1% profit after exchange fees (@ High risk)
Note
Looking to see what will happen @ ~$8830.BTC, #BitcoinNote
Note
Right on course... let's see. :)Note
Caution here. Very decisive moment. Bulls attempting to break channel (orange) to force upward trend. A clean break should mean another wave upward. Pressure back to below the blue line (orange in my last snap) indicates continued downtrend. Do not take action yet.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.