BITCOIN Retesting Bottom at No-Bear-Zone - BTC Analysis
Updated
Hello, my friends! In this 4-hour chart of BITCOIN (BTC), I am going to focusing on a smaller time frame, the near-term where the action lies over the course of this and next week. But first, let me go through a quick refresher course for those who might been abducted by aliens.
THE STORY SO FAR…
Over the past 3 days, price has failed miserably to breakout below the $6000 key support level - TWICE! Not only that, price was instantly catapulted above $6000 as soon as it hit all-time-low at $5755 (on Bitfinex).
WHY DID THAT HAPPEN?
Simple. It is because Bitcoin has hit a pocket of DEMAND ZONE at a price range between $5500-$5800. Think of the "demand zone" like a long list of huge buy orders waiting to be executed at an instant. It is a place where demand exceeds supply and where the bears are gonna get slaughtered… a NO-BEAR ZONE!
THE MOON TRIP
So are we going to moon or not? Hell, yeah! But not until we retest the bottom once more… y’know, just for the sake of formality. ;)
BITCOIN GONNA DIE!
But others are sayin’ we gonna hit bottom at $3000, maybe $2000? Heck, some guy just yelled $1000 and "Bitcoin gonna die!" in the chatroom! No, I gonna tell ‘em that ain’t true. Chill man, let them be. Just send them a photo of your Lambo once we reached the moon. As Richard Wyckoff once said, "Listen to what the Market is saying about others, not what others are saying about the Market".
Remember the daily chart I posted yesterday titled “Bitcoin Market Flips! The Bull is Back and Poop is Dead”? Lol, of course you do! You can refer to that chart once we finished re-testing the bottom on this chart. So are we good? - Good. :)
Don't forget to hit the LIKE button and FOLLOW me on your way out.
Best of luck and trade safe, my friends!
DISCLAIMER: The analyst does not have investments in Bitcoin (BTC). Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. My trade recommendations and analysis are written based on my sole unprofessional opinions.
THE STORY SO FAR…
Over the past 3 days, price has failed miserably to breakout below the $6000 key support level - TWICE! Not only that, price was instantly catapulted above $6000 as soon as it hit all-time-low at $5755 (on Bitfinex).
WHY DID THAT HAPPEN?
Simple. It is because Bitcoin has hit a pocket of DEMAND ZONE at a price range between $5500-$5800. Think of the "demand zone" like a long list of huge buy orders waiting to be executed at an instant. It is a place where demand exceeds supply and where the bears are gonna get slaughtered… a NO-BEAR ZONE!
THE MOON TRIP
So are we going to moon or not? Hell, yeah! But not until we retest the bottom once more… y’know, just for the sake of formality. ;)
BITCOIN GONNA DIE!
But others are sayin’ we gonna hit bottom at $3000, maybe $2000? Heck, some guy just yelled $1000 and "Bitcoin gonna die!" in the chatroom! No, I gonna tell ‘em that ain’t true. Chill man, let them be. Just send them a photo of your Lambo once we reached the moon. As Richard Wyckoff once said, "Listen to what the Market is saying about others, not what others are saying about the Market".
Remember the daily chart I posted yesterday titled “Bitcoin Market Flips! The Bull is Back and Poop is Dead”? Lol, of course you do! You can refer to that chart once we finished re-testing the bottom on this chart. So are we good? - Good. :)
Don't forget to hit the LIKE button and FOLLOW me on your way out.
Best of luck and trade safe, my friends!
DISCLAIMER: The analyst does not have investments in Bitcoin (BTC). Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. My trade recommendations and analysis are written based on my sole unprofessional opinions.
Note
Hello everyone! So far, we can see that Bitcoin is moving along the trend that we had projected yesterday. That's good! A bounce is in play and this is what I want to talk to you about today.In today's update, I will show you a different scenario for BITCOIN where capitulation might occur. As a good trader, we must always consider all possible scenarios and that is what we are doing now. NO NEED TO PANIC yet as for capitulation to happen, several criteria need to be met.
1. Price breaks above $6400 and into the Ichimoku bearish cloud.
2. Price traverses to the top of the cloud ($6700-$6800) but fails to break above it.
That's all. Happy trading!
Follow me on Twitter to get instant updates: twitter.com/BibBoyne
Note
Considering how this correction has played out exactly like our forecast so far, I believe that any price below $6100 is deemed to be a good entry spot for a short term trade. The trade exits are $6350 and $6700. Put a stop loss at $5900 as safeguard.The usual disclaimer: Please do your own diligence before investing. I take no responsibility for any loss incurred in all your investments. :)
Note
BITCOIN ANALYSIS UPDATE:Hello my friends and welcome to another round of Bitcoin update for today.
Indecision and consolidation remain dominant in the Bitcoin market right now, as is evident from the subsided volume. The weakened rally is proving hard for price to move past 50 EMA in the 4-hour chart below, which appears to be scaling down to meet the peak of our projected trend.
This is a positive development for us as it shows our projected trend is being followed by Bitcoin with pinpoint accuracy, which means we know exactly where Bitcoin is heading. Thus, giving us the upper hand to seize the opportunity to "buy the dip" in the Demand Zone area, and at the same time nullifying the potential capitulation that exists in the other scenario that I presented to you yesterday.
If you have entered a long trade below $6100, be advised to exit at $6200. It is better to part with a small gain here and wager our bets on where the smart money is. That's all for today.
Happy trading, my friends!
Follow me on Twitter to get instant updates: twitter.com/BibBoyne
Note
BITCOIN UPDATE:Hi friends, I am on the move using my cell so I will be quick. Despite Bitcoin accelerated its pace, price has not deviated from the checkpoints of our projected trend. As expected, the downward play by the bears was quickly denied and reversed by the bulls waiting at the Demand Zone, thrusting price back above the $6000 key support level like before. What is more impressive in this demonstration of strength by the bulls is that they have driven price past the green trend line at $6300 like rhino stormed through a wall. Yes, my friends... the bulls are on fire! Price is traversing north inside the bearish cloud as it attempts to breakout above it at $6800. If the bulls can breakout above this cloud of heavy resistance, we can expect more upside from Bitcoin. Otherwise, the bears might turn the tables and kickstart capitulation so be cautious and stay vigilant. That's all, my friends. Happy trading!
Note
BITCOIN UPDATE:What an amazing rally that was, right? Unfortunately, the bulls ran out of steam after hitting a wall of resistance surrounding 6570 (fib 764). From here on, we will likely see some sideways consolidation as price slowly retreats to 6255 (and possibly even 6075) before the bulls attempt to retest fib 764. I am traveling so chart access is limited but will try my best to keep you guys posted.
Note
BITCOIN UPDATE:Hi guys! As I said before, once we are done with the Demand Zone correction, this chart would have served its purpose. I have an updated chart (click below) that is going to show you all the new checkpoints. All new updates pertaining to BTC will be posted there. See you there!
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