BTC/USD - Bottom Found
Updated
Hello traders,
Here we have BTC/USD on the 1H chart.
BTC/USD has had a correction move, after a long term upside rally, which I predicted in my previous analysis and we got the move (See my related ideas for details of this analysis)
After the correction, it appears BTC/USD is ready for a new up move. Since price has hit a strong structure support, there has been signals of downtrend slowing and reversal candlesticks showing bears are losing steam. The candlesticks are showing the beginnings of a change of command from bears to the bulls.
I believe that price has found a true bottom. If so, this can be a great launch pad to consider buying BTC. I am watching BTC/USD closely, and won't hesitate to make a buy if it sets up properly.
I am expecting an up move up to begin, to reach target of at least 18910. If price successfully breaks side-wards support at 18910, price could extend to it's extended target at 21330. I have achieved this target be calculating the long term bull impulse leg, and applying it at current price bottom, whilst assuming price has hit a true bottom.
Bare in mind, if price achieves the extension target, I believe this will be over a fair period of time. Price is still in jumble, and I expect the up move past the resistance structure to take some time.
In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis.
I will be updating this analysis if it exceeds 40 likes.
Here we have BTC/USD on the 1H chart.
BTC/USD has had a correction move, after a long term upside rally, which I predicted in my previous analysis and we got the move (See my related ideas for details of this analysis)
After the correction, it appears BTC/USD is ready for a new up move. Since price has hit a strong structure support, there has been signals of downtrend slowing and reversal candlesticks showing bears are losing steam. The candlesticks are showing the beginnings of a change of command from bears to the bulls.
I believe that price has found a true bottom. If so, this can be a great launch pad to consider buying BTC. I am watching BTC/USD closely, and won't hesitate to make a buy if it sets up properly.
I am expecting an up move up to begin, to reach target of at least 18910. If price successfully breaks side-wards support at 18910, price could extend to it's extended target at 21330. I have achieved this target be calculating the long term bull impulse leg, and applying it at current price bottom, whilst assuming price has hit a true bottom.
Bare in mind, if price achieves the extension target, I believe this will be over a fair period of time. Price is still in jumble, and I expect the up move past the resistance structure to take some time.
In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis.
I will be updating this analysis if it exceeds 40 likes.
Note
I will be updating this analysis when my latest GBP/NZD TradingView idea post gets some more likes! Want to make sure there are lots of people online when I update my content, as it takes many hours of my time to create these analysis!
Note
I have posted a brand new BTC/USD trading idea on my TradingView profile page! See my profile for my latest post !
Note
Check my TradingView profile page now for my brand new analysis on BTC/USD ! My new post is an update of this analysis, and shows the ideal areas for a buy opportunity.
Note
Fresh analysis posted on BTC/USD and XRP/USD! See my TradingView profile page for both of my latest analysis.
Note
I will be posting my realtime buy signal for XRP/USD, if my latest USD/CHF idea post analysis achieves more than 20 likes! I want to make sure there's a lot of traffic on the site before I post the realtime update. :)
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.