THIS DIP COMPLETES THE CHART? BITCOIN TO $11K USD?

Updated

Hello guys I don't usually share my trading analysis on here, however, this time around I thought maybe I would share some of my thoughts regarding the current state of Bitcoin.

This chart shows the YTD timeline but it's just an indication to see how the whole picture could psychologically play out on the chart.

Currently bar is showing a strong support around $8080 - $8150, if this level is broken we could fall to $7900 and face some support. If that level is broken then the green bars on the chart could be the next psychological levels that this trend might play out.

The green bars are the levels where I think we will face major support, first line of support is $7500 at %61.80 Fibonacci as seen on the 4hr chart, this is also close to the point of divergence between the two lines from all time high to all time low therefore I think this line of support is very important for Bitcoin to decide the next trend. If that line of support is broken we will fall to the next support line of $7150 at %31.20 Fib. If this line is broken, it could indicate a very dangerous bearish trend and could take us down to $5900 and below.

An upward movement from those levels could indicate a bullish signal and could take us to the first line of resistance at $9982, if we manage to break that level we could see a huge movement towards $11300.
I think we are still in an upward trend given many projects are launching their main nets soon, which will be huge for crypto in general. However, the chart must respect those psychological levels before making the move upward.

This is not an investment advice, Do Your Own Research!!

If you like my analysis, feel free to follow :D
Churrrr

Note

Today was a pure Alts day with some alts seeing gains of up to 30%-40%. While BTC was going side ways and protecting the $8080-$8400 level pretty well. I think BTC will decide on a direction within the next couple of days. We may see an attempt to break the 9k level, but there will be a lot of resistance and may drop down and go side ways again to complete the pennant formation. If we manage to break the 9k level, the next important level to watch would be $9955. If we break that resistance level, we will see a huge bull run towards and which will be very a health sign. However, a drop down from here could take us to the $7900 level and below if support is broken.

Interesting times!!

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The bulls are trying to push BTC beyond $9400 but it's being rejected with a huge resistance, I think we could soon drop to the $7900 level and below if they don't successfully cross that level. Let's hope they succeed this time, failure to cross that level could put us back to $7900 and below.

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Is it possible that we have already seen the bottom at $7900? If so, that means we could soon see a rally towards 9k and above.

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Lightsaber!! I think the bulls are trying to push us past the $8400 level again. Will they manage to do it this time?

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Hi guys, the market is going crazy now all the alt coins are following BTC. As we can see in my previous chart, we hit the first major support line of $7500. Now it's up to BTC to decide whether the market will dip further, anything inside the green box is a buy for me so I will start laddering in my positions in and around the green box. It may not be perfect and we may dip a little below the last support line which could take us further down to between $6700 and $6100 but that's a worst case scenario and I don't want to miss out on the next run up as you can never be perfect with BTC. I think the next leg up will be quite a huge one. Again guys this is not an investment advice, please do your own research and make your own conclusions.

Below is my updated chart:

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I think It's quite possible to see an upward movement towards $8000 then retrace back, however either way is possible from here so it's good to be ready to mitigate risk when possible.

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BTC needs to break through the $7500 level for a confirmation of the uptrend.

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Congrats to those who followed my chart. BTC is establishing Higher Lows and Higher Highs which is quite a bullish sign. I think we are on our way to hit $7800-$8000 in the next 24 hrs or so and then potentially have a small retracement. However, as we are still in a critical level, I would suggest learning how to setup a stop loss to a level where you feel is appropriate to protect your capital.

ahmadkhudeish

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