Bitcoin going to make some correction or will make new highs XO
Updated
Hello Everyone,
We have seen a lot of activity of Bitcoin because it was deemed as real money by DC laws so masses purchased bitcoin and are now holding because it is digital gold (named) so my analysis is Bitcoin is in my top resistance and support area. The major resistance is at 11391 area and major support is at 9600 area but there are many internal supports that bitcoin needs to cross if it is planning to go to that area. A correction is a must after this massive pump according to supply and demand we have seen a lot of demand this week so there must be a correction.
Each time when previous resistance has been tested uptrend is in a critical phase, failure to cross the previous peak or unable to bounce the near support usually means that the existing trend is changing. Now bitcoin has made a new high that is 11394 if it fails to cross that resistance then surely it will retrace the path, nearest support is at 10832 which has tried to cross 3-4 times but failed to cross it thus giving us a good support area. An individual can take a long order whenever the price retests that support if the candle on 1 hour succeeds crossing that resistance, do not go for long order if the candle is unable to cross that support and makes a wig that exactly touches or is near support wait for the next candle if next candle crosses the previous candle high I would go long there with a stop loss that will be 3% down from support. Please do examine MACD and RSI before going for long I suggest this for every order MACD and RSI plays an important role in telling us about demand and supply so that can be of great help.
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Ichimoku Components -
Kijun - REDLINE
Tenken - BLUELINE
Senkou A - Upper Border of cloud when the trend is bullish and Lower border of cloud when the trend is bearish
Senkou B - Upper Border of cloud when the trend is bearish and Lower border of cloud when the trend is bullish
Chikou - The green color shadow of price moving 26 period back
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Ichimoku also gives a great idea that is the price is still bullish there are many signs of that like Kijun and Tenken crossover that happened few hours ago and still in motion, they are parallel that means the price is consolidation but major signs are still bullish. Another sign I want to talk about is the price is still above Kijun which means bullish until and unless it crosse the Kijun and closes below as well as the Kumo cloud, Price is above Kumo cloud which means the price is bullish and has 4 supports to cross which are TENKEN, KIJUN, SENKOU A and SENKOU B. Crossover of Senkou A and Senkou B is a little bit troubling me because Senkou B is above Senkou A which indicates us of a bearish sign but still bullish signs are a lot more than bearish signs so we can say that price is in the uptrend. Chikou line has also crossed the previous price line so that also means that trend is bullish.
If you have any thoughts regarding this idea or if I am wrong at any point, do tell me in comments :)
We have seen a lot of activity of Bitcoin because it was deemed as real money by DC laws so masses purchased bitcoin and are now holding because it is digital gold (named) so my analysis is Bitcoin is in my top resistance and support area. The major resistance is at 11391 area and major support is at 9600 area but there are many internal supports that bitcoin needs to cross if it is planning to go to that area. A correction is a must after this massive pump according to supply and demand we have seen a lot of demand this week so there must be a correction.
Each time when previous resistance has been tested uptrend is in a critical phase, failure to cross the previous peak or unable to bounce the near support usually means that the existing trend is changing. Now bitcoin has made a new high that is 11394 if it fails to cross that resistance then surely it will retrace the path, nearest support is at 10832 which has tried to cross 3-4 times but failed to cross it thus giving us a good support area. An individual can take a long order whenever the price retests that support if the candle on 1 hour succeeds crossing that resistance, do not go for long order if the candle is unable to cross that support and makes a wig that exactly touches or is near support wait for the next candle if next candle crosses the previous candle high I would go long there with a stop loss that will be 3% down from support. Please do examine MACD and RSI before going for long I suggest this for every order MACD and RSI plays an important role in telling us about demand and supply so that can be of great help.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Ichimoku Components -
Kijun - REDLINE
Tenken - BLUELINE
Senkou A - Upper Border of cloud when the trend is bullish and Lower border of cloud when the trend is bearish
Senkou B - Upper Border of cloud when the trend is bearish and Lower border of cloud when the trend is bullish
Chikou - The green color shadow of price moving 26 period back
.....................................................................................................................................................................................................................
Ichimoku also gives a great idea that is the price is still bullish there are many signs of that like Kijun and Tenken crossover that happened few hours ago and still in motion, they are parallel that means the price is consolidation but major signs are still bullish. Another sign I want to talk about is the price is still above Kijun which means bullish until and unless it crosse the Kijun and closes below as well as the Kumo cloud, Price is above Kumo cloud which means the price is bullish and has 4 supports to cross which are TENKEN, KIJUN, SENKOU A and SENKOU B. Crossover of Senkou A and Senkou B is a little bit troubling me because Senkou B is above Senkou A which indicates us of a bearish sign but still bullish signs are a lot more than bearish signs so we can say that price is in the uptrend. Chikou line has also crossed the previous price line so that also means that trend is bullish.
If you have any thoughts regarding this idea or if I am wrong at any point, do tell me in comments :)
Note
Bitcoin touched my topmost resistance but failed to cross it
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