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Bitcoin-trading

Bitcoin MM-Bands Bringing Clarity Into The Situation!Hello Traders Investors And Community, Welcome to this analysis where we looking at an important indicator within bitcoins 2-day timeframe perspective which are the mayer-multiple bands I found a strong tool to analyze bitcoins current market condition based on historical price-data and according to this the comparison of bitcoins past to the current situation where I detected some interesting and worthwhile facts important to consider now. The analysis helping to show what bitcoin can do, what bitcoin can not do, and where it can go ahead in its actual state. As many people getting completely bullish at the moment there are some signs we should consider now and what are best applied derived from other technical factors I showed last days ago which can add to a coherent assessment of bitcoins market conditions which are meant to consider bitcoin next outcomes in destiny. Mayer-Multiple-Bands: As you can watch in my chart the bands showing greatly well the current state of bitcoins price-action as they from the overbought condition to the oversold condition together with letters A - F all together with equilibrium coming into 7 stages, mayer-multiple-bands are the multiple of the current Bitcoin price over the 200-days moving average. Furthermore, they are serving always as important resistance and support levels as it can be watched also in past price actions when the price consolidates into one band and moves on it will show a heavy breakout and increase in volatility within a high possibility. Also, the extremums of the bands which are marked in my chart with the peaks and valleys provided by bitcoin will show a shift in price and a heavy reversal when they are reached, there was always a heavy reversal following up when either the upper overbought band or the lower one was reached. Current State Of Bands: As you can watch in my chart the bitcoin price currently moves within the middle-channel of the bands which is actually the transition-phase from bearish to bullish or bullish to bearish with the equilibrium line marked in green within the middle, currently, bitcoin is still in the bearish state of the equilibrium-channel and has the green line right above which can mean bitcoin can tests this line the next times and as you can see in my chart this line tends to confirm as support and resistance therefore here is a higher likelihood given that the line confirms as resistance, this does not mean bitcoin can not transfer into the bullish state of the channel but this can mean that bitcoin shows up with a pull-back or a consolidation here before moving finally above the equilibrium line into the bullish state, what is also possible that bitcoin firstly tests the yellow lower boundary before moving up again. Outlooks: Since bitcoin is in the transition phase and in the equilibrium channel coming together with other technical factors a break above the equilibrium line will move bitcoin into the bullish state where it will test the upper boundary of the equilibrium channel and has some good potential to move above this, as history showed when bitcoin moved into the bullish extension state there was always an ongoing growth in price to the boundary of the bullish extension and finally into the overbought area which was also the point in 2013 and 2017 bull market. Remember that it is important for bitcoin to move into the bullish state and confirm above the green line before moving onto the next states. When bitcoin tests the green equilibrium line and consolidates there it will give a solid potential to move into the bullish state further otherwise bitcoin needs to hold the grey trendline and the lower boundary of equilibrium channel. The next times will show how bitcoin will react to the green equilibrium line which can firstly confirm as resistance as I show also with other technical factors in my analysis, it is possible for bitcoin to form a smaller when not bigger pull-back the next times to test the grey trendline seen in my chart and the lower boundary of the equilibrium, this will be an important point in the structure which need to be held because when moving below the boundary into bearish extension this increases the possibility to the downside, nevertheless, bitcoin has still remaining strong supports in this range and coming up together a bullish continuation is more possible than a bearish, the next times will show how big a pullback can look like to confirm the lower boundary of equilibrium channel to finally move ahead above the green equilibrium line which will give a strong signal as mentioned in bitcoins ongoing developments. In this manner, thank you for watching, support for more market insight, all the best! "Chronicles manifest the most reliable data in determining destiny." Information provided is only educational and should not be used to take action in the market.
BITFINEX:BTCUSD
by VincePrince
11
Determining Range Building For BITCOIN In The Current Circuit!Hi my friends, Welcome to this update-analysis about bitcoin 4-hour timeframe perspective, since bitcoin formed the breakdown below the grey trendline mentioned this was the initiation for more possible downside to come and should not be kept by side at this point, nevertheless bitcoin is forming here some interesting signs determining further outcomes, indeed Bitcoin is trading in a tricky range as it fell again into the consolidation, therefore I detected some importances we should consider now which will affect the outcomes further. Looking at my chart you can watch there that bitcoin is now trading below the rising grey trendline and below the 40-EMA in black which was previously supported is now resistance and bitcoin is testing it currently, the next times we can expect bitcoin to move some sideways between the 11580 and 11830 level before it shows up with a decisive move in either the up or downside, it is possible that bitcoin directly moves to the downside confirming the still remaining resistance this can be the possible scenario, otherwise, as bitcoin has some support in the range also at the point of control marked with the red line in my chart where bitcoin has the most volume and which will serve as support and resistance next times where it is currently trading above bitcoin can form some uptrends to visit higher levels as it is seen in my chart, this will be crucial as there are still remaining strong resistance levels lying which bitcoin can confirm bearish when it does not manages to move above. Overall bitcoin can form a smaller when not bigger range here before deciding in which direction it will finally go, for a bullish confirmation it has to move above the 12 K resistance and for a bearish confirmation below the blue trendline marked in my chart in both cases bitcoin will show up with exponential growth as it will move into either the bullish or the bearish volatility zone. The next time will be highly determined here and will show the outcomes but what we still should note is that bitcoin when it breaks to the upside increases with fake breakouts which will pull back into the range just as it was seen the last times. Overall we need to wait on confirmation within the short-term here before looking for a final direction to go ahead with. Bitcoin currently is still in a more moderate state where other cryptos forming more bearish formations that can be ready to move ahead. In this manner, thank you for watching, support for more market insight, all the best! Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
9
BITCOIN Moving In Precarious Terrain, Here Is Why!Hi my friends, bitcoin moving in precarious terrain, bitcoin has still resistance above in the range at the 12200 - 13000 level, there is still supply lying from past price action formed in the last years furthermore it has rising resistance levels there, bitcoin can move some higher in the range but it will approach the remaining resistance levels increasing the possibility for fake breakouts, the bigger pullback scenario should not be kept by side here this is why we should not overspeculate the situation as many people already becoming completely bullish this can become fatal in such situation as smart money operators just waiting on this measurements, in this case, I detected the importances in the current situation and what we should consider next times. You can see in my chart that bitcoin is building up a possible rising-wedge formation which can be a tricky formation in the technical meaning providing one fake breakout after another while the price is setting up for a bigger pull-back, such formation can also invalidate to the upside as it is the same with the reverse formation to the downside but as there are still the before mentioned remaining resistance levels the possibility for such an invalidation becomes little, bitcoin can move some higher here to the 12800 - 13000 level where you can watch the upper resistance level marked in blue where a possible pull-back can be expected, overall this is can lead to a confirmation of this rising-wedge formation to the downside also confirming the wave count with the final wave E. What is also supporting this scenario here is the low-volatility-circle marked in red normally when the volatility gets lower there comes a reversal with higher volatility as this can also be watched in past price data. When bitcoin confirms below the lower boundary of this wedge-formation with a decisive move there is a high possibility for further continuation given, this does not mean bitcoin will continue forever in this direction, the next remaining support is at the 10K level which was previously strong resistance is now support also coming together with the strong falling resistance line marked in red, when bitcoin approaches these levels it has to be elevated what happens next here. Bitcoin and the cryptocurrency market have confirmed some bullish movements to the upside taking out important resistance levels and showing increased volatile growth, this is completely right, nevertheless, we should take note that bitcoin is in an uptrend since the corona-lows established this year also growing faster than the S%P while showing record numbers in various indicators, taking all these factors into consideration bitcoin is coming into a tricky phase where it can show some up moves but these moves can result into fake breakouts and reverse the downside showing a bigger pull back as mentioned this is why we should anticipate the situation correctly to wage possibilities as well as opportunities in the right manner in order to take the appropriate action when time is ripe. In this manner, thank you for watching, support for more market insight, all the best! "The past like the future is indefinite and exists only in a spectrum of possibilities." Information provided is only educational and should not be used to take action in the market.
BITFINEX:BTCUSD
by VincePrince
8
What We Need To Assess Since BTC Moved Above 12K Resistance!Hello Traders Investors And Community, welcome to this analysis where we are looking at the bitcoin 4-hour timeframe perspective, the recent events, the current structural importances, what to consider next times and with what bitcoin needs to show up for further continuation. Bitcoin has finally moved above the stronger 12.000 USD resistance which was a really fast move which it corrected now with a pull-back into the range, the bigger question now is if this breakout was certainly sustainable and more upside continuation will follow or if bitcoin possibly visits lower levels in the range again which is unlikely currently considering the strong breakout above resistance but should not be ignored in order to be prepared when it is happening and do not get overwhelmed by circumstances, in this case, I detected some important signs which bitcoin should provide further in order to continue its established pace. As you can watch in my chart bitcoin is currently testing the 40-EMA in black which is an important support in this structure as it confirmed already several times in past price-action, therefore this is the first significant support to hold here and when it does we can expect the next move to the 12.000 USD level and above again as it is marked in my chart but when this EMA does not hold and bitcon increases with bullish weakness to close below the EMA the next important support to hold is the rising grey trendline you can watch marked in my chart where bitcoin can bounce and form a recovery up to the suggested higher levels, these two levels of support are important here, when they confirm to the downside bitcoin can increase further which can firstly invalidate the bullish continuation, this scenario is not the highest possible currently but it should not be kept by side as selling pressure will increase below the trendline. When bitcoin shows up with the more likely bullish scenario and manages to move above the 12.000 USD level again it is important here that bitcoin forms a stabilization in the best case with consolidation above the level as it is marked in my chart, this will be a good place to enter the market when also the 40-EMA and the rising trendline coming together forming a solid support-cluster here. Such movements can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the aggressive entry is also possible here the conservative will be much smarter. After that we will see how the situation will develop. Bitcoin has confirmed above the strong resistance nevertheless now it is time to show how sustainable this breakout is and how bitcoin will proceed and how the following up will play out over the course of next times. In this manner, thank you for watching, support for more market insight, all the best! Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
16
Bitcoin, Bounce In The Range, Decisive Formation Building!Hello Traders Investors And Community, welcome to this update-analysis where we are looking at the bitcoin 2-hour timeframe perspective. Since the last time bitcoin confirmed successfully the determined possible short-entry zone to the downside, which was expected as there where still layers of resistance lying. Now bitcoin bounced to the downside and into the 30-EMA where it is holding some support, the big question is now if bitcoin manages to hold this support sustainable, builds upon this to go ahead and form new highs or if bitcoin closes below the EMA and firstly visits remaining support in the range to test it as bitcoin has already done in the structure before. In this case, I detected some important signals meaningful to consider now and what bitcoin has to do for an ongoing stabilization. Looking at my chart you can watch bitcoin now building this triangle-formation marked in red where it is consolidating above the 60-EMA and the upper resistance, such movements either they occur now on smaller timeframes or higher timeframes are known to show up with a final breakout which will be the stronger the longer the price stays in the consolidation. We saw such movements already in past price-action and although these formations are known to confirm in the direction which they came from this is not totally clear as bitcoin and also other cryptocurrencies also likely confirm these to the downside especially in an overbought or resistance condition. Looking at this fact bitcoin has a higher potential to confirm this triangle to the downside to test the remaining supports also as the correction is not yet over surely. Basically we should keep two confirmational scenarios at hand now, this is important because sophisticated traders wait on confirmation before elevating the proper direction, the first one is a break of the upper boundary where bitcoin also needs to move above the strong 12.000 - 12.200 USD resistance mark this will bring bitcoin in a mainly bullish state where it definitely has some room to move higher, the second scenario, which is the more likely one currently is that bitcoin confirms the lower boundary downside and tests the resistance levels in the range which it has firstly at the grey trendline and secondly at the blue trendline which is important to hold, in these levels bitcoin have some solid potential to stabilize and finally move higher in the range but it is important to at least hold the blue trendline because when falling below bearish pressure will increase in the zone marked. When bitcoin shows up with the more likely bounce back scenario on the short-term this does not mean at all that bitcoin is bearish on the middle and long-term, it has there some good supports from which it can build on but as the sideways movements is still a short time for the trend bitcoin confirmed this can go on for some longer and we should not keep this scenario by side to not get overwhelmed by circumstances when this is happening. Many people are completely bullish at the moment, yes bitcoin can directly move above resistance and form new highs but normally this is too much of a short-time where bitcoin still can go on with its correction and smart-money operators just waiting on the other side to trap the public this is why we should not underestimate the current range and overall keep the reverse perspective to look how bitcoin is reacting in the support-zones. In this manner, thank you for watching, support for more market insight, all the best! Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
7
Here Is Why Bitcoin Is Not Yet Ready To Move Above Resistance!Hello Traders Investors And Community, welcome to this fundamentally important analysis about bitcoins weekly timeframe perspective. The last week's bitcoin confirmed heavily above the huge 10.000 - 10.500 USD resistance with a protracted bullish move where it is now consolidating between the 11100 and 12100 levels where also other important factors coming together. The next times will be decisive and will show if bitcoin has the strength breakout the consolidation and move directly above resistance which is a very unlikely scenario currently or if bitcoin firstly forms a correction when not bigger pull-back before approaching this level again which is a much more possible outcome at the moment as I detected in my analysis. Resistance-Cluster: As you can watch when looking at my chart is that bitcoin approaching this preliminary significant rising resistance-line which confirmed already successfully several times in the past as a solid and successive Support/Resistance-Level, the fact that bitcoin stopped at this level and also confirmed the 11900 - 12100 resistance it has on the smaller timeframes bearish make this level a strong resistance-cluster marked in my chart in red. It is possible that bitcoin takes this resistance directly out and moves higher but this possibility is currently extremely marginal as bitcoin is also still overbought, it is more likely that bitcoin firstly confirms bearish in this range and shows more downside pressure over the next days and weeks to come. Back-Up-Cluster: The back-up-cluster you can watch marked in my chart in the blue area is consisting out of the two descending trendlines formed by the tops in bitcoins established price-actions. Furthermore, it consists of the Fibonacci-supports 23.6 and 38.2 it has in this level providing additional support in this structure and also the CME-gap level which is a high possible level to reach as bitcoin has shown this several times in the past with successful gap-fills. At least there is also coming the 60-EMA, all these factors making a high-potential back-up-zone there where bitcoin has a great likelihood to stabilize and move up again, when the bearish signals coming in this level needs to be elevated as the first base of meaningful support. Conclusion: Bitcoin is in a situation where it is still not ready to move fully above resistance and higher, before this the correction seen in my chart is likely to show up which can be used as a potential accumulation-zone for smart-moneys. This pull-back does not mean bitcoin is completely bearish as there are great potentials to back-up, when this happens and bitcoin confirms it as solid support it has potential to move higher again, but when bitcoin falls below this level the possibility for increased downside is given and should not be ignored in this case, therefore it is important to look what bitcoin will do when the levels are reached. It will be highly interesting how this whole structure and mechanisms playing out. In comparison to the stock-market which has also shown high declines and downside volatility due to corona this year, which also recovered similarly to bitcoin we can take note that bitcoin reached higher levels and pre-crash-conditions faster than the stock market, when looking at the major S&P it is now taking out the highs established before the corona crashes which bitcoin already did. When looking at this structure we should keep in mind that new corona measures due to an increase can follow up in selling pressure similarly to these seen this year already affecting all global markets otherwise there is no barrier for continued growths given when bitcoin has corrected and stabilized in the range. In this manner, thank you for watching the analysis, support for more market insight, good weekend and all the best! "Prospect is the ingredient of determined prosperity." Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
10
Bitcoin, Approaching Critical Range Once More, Important Level!Hello Traders Investors And Community, welcome to this analysis where we are looking at bitcoin 2-hour timeframe perspective, the recent price action, the current formation building, what to expect the next times and how to handle the upcoming situations in the right and appropriate manner. The last days bitcoin confirmed its huge resistance mark at the 12.000 USD level once more to the downside, which was, by the way, a good trade on the short-side within the elite trading channel where we entered before the huge downside volatility set in, now bitcoin has stabilized but it has still strong resistance levels above which should not be ignored. In this case, I detected some important signals which will determine the further outcomes of bitcoin. Looking at my chart you can watch there that bitcoin just moved above the 60-EMA which was an important step in this stabilization and an indication for some more upside to come. The next times we can expect bitcoin to touch this EMA again and then bounce from there as it is seen in my chart, it is important that bitcoin bounces in this level and holds it to move higher otherwise when bitcoin closes below the EMA it will lie the way for increased bearishness to the downside and further downside actions. But when everything goes well and bitcoin bounces in this level we can expect to move higher in the range at least testing the remaining resistance bitcoin has in the range at the 12.000 - 12.200 level marked in red in my chart. When bitcoin moves as expected and approaches the resistance mark a third time it is highly possible that bitcoin bounces bearish to the downside in this level, therefore, this can be a possible short-entry looking for minimum targets at the 60-EMA, when this level does not hold and bitcoin falls below it bearish pressure will increase at least testing the grey trendline if this does not hold the higher-low trendline marked in blue within my chart will be the next one, this is the last important support to hold and when it has crossed to the downside bearishness will take over and bitcoin will fall more approaching lower downside targets, in this case, we should not ignore the importance of these levels in order to anticipate possible trend changes. In this manner, thank you for watching the analysis, support for more market insight, all the best, and good weekend! ;) "All progress takes place outside the usual expectations." Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
24
Bitcoin, Bears Pushed Below Support, Here Is What To Consider!Hi my friends, Welcome to this update-analysis where we are looking at bitcoins 12-hour timeframe perspective, recent price-actions, the current structural importances, and what we can expect from bitcoin the next time. The important resistance mentioned in analysis before bitcoin build is now broken to the downside confirmed with a strong bearish move, in this case, the downside targets at the CME-gap level pointed out are now likely to be reached in the schedule as bitcoin has confirmed its bearish scenario falling below the EMA and trendline support. Currently I detected some other highly important signals which are also matching to the gap-fill-scenario and should be considered in further developments and bitcoin destiny. Looking at my chart you can watch there that bitcoin broke below the 20-EMA and higher-low trendline supports which transformed bitcoin into an overall bearish edge where the possibility for a bullish continuation increased more. Furthermore, bitcoin has formed a possible double-top-formation you can watch marked with the first and second top in my chart above the red resistance level which bitcoin confirmed bearish to the downside, such double-tops confirm with a break of the neckline to the downside which is signaling further bearish continuation in this scenario with a high possibility. Currently, bitcoin has found some support and forming a little uptrend which is not very strong and which is running into resistance levels higher in the structure, therefore, it is within the possible spectrum that bitcoin firstly confirms these to the downside and shows more bearish continuation when bounced there. When this happens bitcoin can go on to confirm the double top and break below the neckline which can activate downside targets together matching with the CME-gap. Bitcoin is in a situation in which it has more bearish than bullish signs, therefore, we should not ignore the downside potential building up here which can play out over the next times. This does not mean that bitcoin is completely bearish but that the pull-back can increase over time till there is support found and stabilization insight, this can happen at the CME-gap level but it does not have to, bitcoin can also possibly fall more from here when there do not shows up bullish strength in this level. This shows one more time that technical analysis is a empirical science regardless of what academics is stating often and that we should not ignore the pace to not get overwhelmed by circumstances when they show up, this means to trade what one is seeing not what one is thinking in order to take appropriate action. In this manner, thank you for watching the analysis, support for more market insight and all the best my friends. "Prospect is the ingredient of determined prosperity." Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
7
Bitcoins Third Major Growth-Cycle Is Actually Developing!Hi my friends, welcome to this analysis where we are looking at the weekly cyclical timeframe perspective, bitcoins price-action over the last time, the cyclical movements, the third preliminary cycle actually highly possible developing, what we can expect from this the next times and how to handle upcoming situations in the right manner. The strong breakout bitcoin has shown above its psychological 10.000 USD resistance mark brought bitcoin overall into a bullish shape where a continuation is possible therefore it is important to note what is possible and what is not possible, furthermore, we should calculate a second corona wave into it as this is another factor which can bring unnatural movements to the downside seen in the breakdowns this year. First of all, it is important to note that the price recovered from the corona-breakdowns and managed to climb above the accumulation range you can watch in my chart this was firstly the signal for a possible third major expansion phase starting from the global perspective and the break above resistance showed also the local resistance which increased the possibility for the next expansion phase, you can watch also that bitcoin formed each peak at the top of its expansion channel before it moved into a contraction phase where new accumulations started. This third expansion phase is also matching with the third key halving cycle I mentioned before confirmed with the dip after the halving and the following growth. Taking all these factors into consideration now we should look on possibilities in future terms and where the price can determine, as the peaks building consecutive tops together with the higher contraction-line you can watch marked in my chart the next peak can exactly move to this line when marking the last top in the structure. We will see how this will develop over the next months and possibly year and what is important to look at possible invalidations that can drag the price down locally speaking. But overall as bitcoin has shown some solid volatility there should not be that much barrier in the next times for growth up to the third finishing peak after which another contraction will follow but till this point bitcoin has definitely some room to move. In this manner, thank you for watching the analysis, support for more market insight, and all the best! Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
8
Bitcoin, Decisive Formation Determining Further Outcomes!Hello Traders Investors And Community, welcome to this analysis where we are looking at bitcoins 4-hour timeframe perspective, the formation it is currently building, what can happen the next times and how to handle the situation especially when a confirmation occurs. Bitcoin is really trading in a significantly meaningful range currently where it has to decide if further outcomes occurring bullish or bearish as this is often the case after such formations we should not ignore the outcome and do not lock into one particular direction, in this case, I detected some interesting points which need to be considered and which can confirm the triangle in each particular way. On the more middle-to-longer term perspective bitcoin shows up a higher bullish edge but that does not mean the market can not fall to lower levels before a back-up can be considered. Looking at my chart you can watch there the triangle-formation bitcoin is building marked in blue with the price consolidating to the upside and also building support with the 50-EMA in red where it already bounced several times till the point where it is trading now and recently shown increased volatility to the downside where it is testing the 50-EMA once again. The next times it is possible that bitcoin will show a longer consolidation in the triangle as it is marked in my chart before deciding in which final direction it is going as it is highly unlikely that bitcoin shows an immediate direction in the condition it is currently trading, a bullish breakout is slightly more possible but it needs to be confirmed therefore the bearish case should not be kept by side. In such situations, it is important to look for the proper confirmation of the triangle as there are factors playing into the bullish as well as into the bearish scenario, therefore the best and secure way is to wait on the confirmation before deciding in which direction the journey will go, this will happen in the bullish case with a move above the upper boundary and a secondary confirmation of it will a bounce-back to the line to move higher, the bearish case will play out with a volatile price-move below the lower boundary and below the 50-EMA this will result in increased bearish downside movements and possible to trade on the short-side, in either case, the best way when considering a bigger entry is to look for the proper price-action in the level before entering. In this manner, thank you for watching the analysis, support for more market insight and all the best. Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
21
BITCOIN UPDATE, Break Below Support, Reversal Or More To Come?!Hi my friends, Welcome to this update-analysis where we are looking at BTCUSD which is sending some quite interesting signals at the moment as it fell below the two major rising-supports marked in blue as expect it is now somewhat in a shorter recovery since it bounced from its lower support level as suggested. The big question in this whole structure is now if bitcoin bears keeping their established pace to move below important support and show continued bearish pressure or if there is a stabilization in the current range where bitcoin manages to move above the mentioned EMA-support-resistance, in both cases, it is important to wait on the confirmation as this is so often a crucial factor in trading where traders ignore or just getting into high speculative approaches which are leading nowhere. In this case, I detected some possible outcomes and what bitcoin has to show in order to provide the proper scenario that we can take appropriate action, by the way, it is really good to watch our elite channel also profiting in such volatile times with smart short-side entries. Looking at my chart you can examine there that bitcoin just broke below the second major rising-support which is marked in blue and now bounced at the lower support-line in grey where it is consolidating between the EMA-structure, which is the 20- and 50-EMA marked in orange and black and between the lower grey resistance line, in this levels bitcoin currently forms a range where it can either break to the up or downside with continued volatility in the proper direction ahead. When considering the bearish scenario the formation bitcoin is building here can just be a bigger head and shoulder formation which when confirmed will show great selling pressure to the downside where an immediate bullish reversal will do not pop up so soon. In anticipation of the bullish scenario, bitcoin has to move above the EMAs and close there sustainable before considering higher levels to be reached but it is important to take note that there are still strong resistance levels where bitcoin will have a hard time to go above, in this case, the bearish scenario has a slightly higher possibility. In this manner, thank you for watching the analysis, and for your support, have a good day and weekend! ;) Information provided is only educational and should not be used to take action in the market.
BITSTAMP:BTCUSD
by VincePrince
14
Bitcoin, historical and fundamentalGood morning guys Bitcoin took back the crown and sat on the throne. I would like to talk a little about the set of events that have been unleashed in recent months. In previous reviews I discussed at length what halving is and what it brings with it, we talked about the pre halving setbacks that always happen in bitcoin based on fundamentals, in addition to historical PA. Without a doubt, the market has been different since 2017. The P.A is directly manipulated by the settlements of the different platforms that offer leverage. In my extensive analysis of halving (published in November 2019) I defined halving as a key point to start the bull markets in bitcoin. Composed of cycles that lead the market to excel. Historical Bitcoin behavoir during the pre and post halving. From 2011 to 2021. ibb.co Pre-halving retrace #1 ibb.co Pre-halving retrace #2 ibb.co Based on the price history, always after having an ATH we get a pre-halving high (Currently $ 13,175) which has been a historical bear trap. Reviewing the behavior of bitcoin since 2011. Following the pre-halving high we obtain quite significant retracements in the price, called pre-halving retracements. Ours happened on March 16, 2020, leading us to 3,600 in a sharp fall. Followed by our beloved halving that happened in the mid-8500s just over 30 days later. After that, as we explained in our analysis of the halving in 2019. On June 1 we had our first strong bullish impulse, and after the retrace we came in a strong uptrend worth noting. Aiming for a new ATH and completion of the current bitcoin cycle November 2021. We are currently resting on the support of 11600 (where there was a CME GAP that was missing to fill in, it is worth noting) In the 4-hour chart we have hidden bullish divergences, in addition to the EMA20 supporting us and a few bullish indicators. But at this point I think the most important thing to study is the volume, the technical indicators are not very helpful in these P.A. However I think we can get more out of bullish positions. Swimming into the highlighted channel to create a bit of consolidation doesn't seem like a crazy idea to me. Going down a little to 11450. However it will not happen if we manage to hold the price at the current point of 11600, this would lead us to 12300 and 13000. From the bearish side 11400 and 10400 look good as targets, just in case we don't hold up. Pay attention to this moment, we could get a winning position, holding or dropping the current point (If we are looking for a short term trade)
BITMEX:BTCUSD.P
by Altsignals
Bitcoin, Testing Resistance, These Are Possible Outcomes! Hello Traders Investors And Community, welcome to this update-analysis where we are looking at bitcoins 2-hour timeframe perspective, the recent events, the structural-formation, the importance of further outcomes and how to handle upcoming situations and take appropriate action. Bitcoin confirmed the huge global resistance it had properly and made this volatile but unnatural downmove which it now recovers and approaches important levels, now this does not mean bitcoin is completely bullish as it recovered nearly fully the bearish move to the downside, there are still strong resistance levels and not to mention the overbought condition bitcoin has on the higher timeframes, therefore we should not be naive and dont keep the reverse perspective out of sight as this is what to often happens these days. In this case I detected some important illuminations which will determine bitcoins destiny further. Looking at my chat you can watch there that bitcoin just climbing up and forming this first rising-uptrend-line marked in black which bitcoin confirmed as support but what is important currently are the strong resistance levels which bitcoin has and also confirmed several times in the past with heavy volatile bearish downmoves, the first important resistance to mention is the 11930 to 12030 which bitcoin highly likely will approach and after this it is posisble to enter bearish pressure as supply lies down but when this isnt strong enough bitcoin has still some room to move higher to the second resistance which is between 12150 and 12300 marked in my chart, when bitcoin approaches this level it can be a bull-trap as this is still huge resistance and the price can reverse in this level, only when price goes above this level there can be a possible continuation in sight till then we should not ignore these bearish signs in the established environment. What is meaningful in the structure is the 20-EMA marked in black and the first rising-support line in blue, when these two levels are broken to the downside a continuation is highly possible which will sent bitcoin to test remaining support levels in the structure which are the 50-EMA and the second rising-trendline, in this case it needs to be elevated and seen what bitcoin does there, if bulls are strong enough to stablize it can reverse and move higher otherwise when this does not happen and bitcoin also confirms below the second rising-trendline and the EMA bearish pressure will continue within a high possible spectrum. This does not mean bitcoin is completely bearish but it means it has to show how it can stabilize which is very important to not get overwhelmed by circumstance when markets do not move into the suggested direction, this means trading sustainable and dont rely on mere speculation. In this manner, thank you for watching, support for more market insight and have a good day! "Knowing trading is wisdom, knowing the market is enlightenment" Information provided is only educational and should not be used to take action in the markets
BITSTAMP:BTCUSD
by VincePrince
3
Final Phase Will Launch In BITCOINS Fundamental Wyckoff-Cycle!Hello Traders Investors And Community, thank you for joining this analysis about BITCOIN fundamental long-lasting and impactful accumulation Wyckoff-cycle where we will look at the 2 days chart in which I detected the importance of the established cycle details and how these individualities having an impact on bitcoins further determination coming up in the next days, weeks and months. As bitcoin has shown massive selling-pressure due to the corona increase seen this year where bitcoin experienced high selling pressure never seen in the time before, it recovered from it and recently confirmed above the strong 10.000 USD psychological resistance which I mentioned is a huge milestone to move above in order to provide BITCOINs final course of direction. All these events matched to the Wyckoff-cycle BITCOIN was developing the last weeks and months because of this I want to introduce you to the phases and what to anticipate the next times because of this meaningful structure which will go into the final phase now where accumulation ends as mostly smart-money has accumulated. Phase A: This was the very beginning and the initial phase of the whole cycle since the 2019 top was marked at the 13.700 bitcoin moved on with selling pressure as institutions taking profit and supply entered the market also from past price action. This supply entering the market converted into a PS where inexperienced traders entering the market assuming the bull-rally is still going on and providing a smaller rally to test remaining resistance where big institutions initiating there short-positions in anticipation of more bearishness to come, this mechanism ending into an SC (selling climax) where heavy selling occurs to push the price below support in this mechanism public is going to hear of that there can be a reversal but its still not the time where everybody is selling. After this comes the AR (automatic rally) pushing the price some higher as there is still demand in the market from uninformed traders which will not last long as supply is stronger in this range pushing price lower again and still smart-money institutions who entering their short-sells in these levels in order to trap the bunch of retailers in the market. Phase B: In this phase, the cause of a new uptrend is built where there enters selling pressure into the surface and large interests begin to sell their values and short-sell the market, this plays out into a secondary test in phase B (ST) where price pushes below the established support points and forms new lows in increased volatility and momentum meaning that much of the public is selling, this can cause several smaller rallies to the upside which seem strong but can not hold sustainable to form another new uptrend which will last. There can be more than one secondary tests in this phase which bitcoin has shown to us as you can watch marked in my chart with two rallies to the upside which did not last and confirmed to the downside again as high public selling occurs. All this playing into institutional interest as they are profiting of short-selling while waiting on the other end to accumulate new values in order to participate when the public is ripe, in such phases it is important to be prepared on the fake-rallies as they assume that the downtrend is over while accumulation is still going on and there is more to come. Phase C: Bitcoin has shown exceptionally volatility to the downside this year as corona hit all global markets and provided big selling pressures this was especially devastating in the cryptocurrency space as it has normally a high volatility of these events even more increased it which also confirming to the accumulation Wyckoff-structure going on in bitcoin these times where the heavy corona breakdowns also matched with other factors showing heavy selling pressure in a averagely short period of time and provided the spring which was intrinsically significant for the upthrust and recovery which followed, this spring where it was not hard to profit out of a short-sell and accumulation of new values provided the bottom in phase C and moved on to test the structure in order to move on. In this phase, smart-money is deciding either the price can be marked up or more downside can be initiated, this mark-up happened as many people where trapped and the bottom where confirmed at almost 4000 USD which was also a heavily oversold condition in bitcoin compared to past oversold conditions in bitcoin historical movements. Phase D: Here it gets really interesting because this phase will move on to finally confirm important points and is actually good for positioning in the market as rallies follow with the sign of strengths (SOS) and last points of support where the price lacks significant selling pressure as demand is higher converted over supply and now not only smart-money enters but also public in participation, also what was confirming the structure was the consolidation below the 10.000 USD psychological resistance while it was still possible to fail on this resistance bitcoin backed-up to form this decisive Sign Of Strength Above the important resistance which was the needed factor in order to confirm the further movement and Wyckoff-price-action, now we can watch that bitcoin will form a back-up and new last points of supply where it will test the support levels and has a high possibility to confirm them properly as this is also playing into the dynamic of the wyckoffian-cycle. As you can watch also the support of the back-up is matching with the resistance of past price-action in phase A. Phase E: The back-ups and last-points-of-support which lead to newer highs in phase D building up the fundamental groundstone to finally confirm into phase E where higher rallies will show up as crucial demand is increasing where smart-money already accumulated and there are news traders and retailers rushing into providing a new paradigm in price till this phase is stopping, this phase will come when bitcoin has successfully developed the re-accumulation provided by the back-up and last-point-of-support it is currently building. This phase also finally ends up the whole wyckoff-market-accumulation bitcoin has shown over the last weeks and months and therefore it can confirm the uprisings till a new cycle sets in which will be either a re-accumulation cycle or a distribution cycle that will alter the whole dynamic in a new light but till then the phase E can be in expectancy. Now we can watch that bitcoin is just in a strong and established cycle which will highly likely confirm into the next mechanisms and phases into the subsequent months and weeks to come. The move above the important resistance was an important step in order to conform to the upcoming phases and show how bitcoin will proceed, the contiguous times will be highly interesting and it should not be kept aside that there can be highly profitable volatile times ahead while bitcoin isnt the one which it was five years ago as the magnificence has changed there can be more ups and downs in future which is good for traders hedging into the market but it should be noted that the high volatile movements should not be kept to the light shoulder as the tricky price-movements in accumulation phases like these can be highly dicey for traders, in this case, it is important to be attended for the right line up within the market in expectation to a new re-accumulation or distribution cycle enters the surface as the possibility is given that bitcoin shows again these peaks and valleys it has developed in the habitual price-actions. In this manner, thank you for watching, support for more market insight and have a good day! There are many roads to prosperity, but one must be taken. Information provided is only educational and should not be used to take action in the markets
BITFINEX:BTCUSD
by VincePrince
20
Bitcoin, Move Beyond Historical Resistance, Validation Scenario!Hello Traders Investors And Community, welcome to this update-analysis of bitcoins historical price-moves above the important resistance zones where we are looking at the daily timeframe perspective, recent-events, the current structure, what we can expect the next times and how we can handle it successfully. This analysis is coherently following up to the analysis I made about bitcoin on the weekly timeframe perspective, where bitcoin pierced the huge falling resistance but not closed already above it successfully which does not mean this will not happen, on the daily timeframe perspective bitcoin is reaching out some very interesting signs I detected making it clearer how bitcoin can proceed and if the confirmation above the historical resistance was sustainable or not, as many people falling to the speculative approach and see bitcoin-only bullish we need to keep in mind the still ongoing corona-crisis and therefore also the reverse in mind. When looking at my chart you can watch that bitcoin just confirmed above the significant falling resistance which I marked in the chart from the tops of bull-market in 2017 to the tops of 2019, the fact that this was an important resistance to move above takes bitcoin in an overall bullish edge. Further bitcoin is in this huge trading channel where it already confirmed the upper and lower boundary several times and now testing the higher boundary another time when bitcoin has the strength to move above it this can cause bullish rising. Overall it is important to note that bitcoin needs to hold the level which you can watch marked in my chart in orange and the support in orange at 10350, the next days it is possible that bitcoin visits these areas and when there these levels need to behold because bitcoin will show bearishness below it. As major cryptocurrencies formed high volatile movements so also bitcoin now, the big importance now is to build on this strength and do not invalidate it again with bearish pressure, therefore it is important that the economic situation with corona stays stable and that there do not come fears into the market which will drag the price down similarly to those mechanisms seen in march this year. The next times will provide if bitcoin has enough possibility to move above the upper boundary directly or form a correction before, in this correction it is highly important to hold the mentioned support at 10350, by the way, it is really great to watch that we made some good profits in the elite channel as we entered before the volatility set in to profit out of it, in this case, we could secure our positions and now look what the market will do next. In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you! All progress takes place outside the usual expectation. Information provided is only educational and should not be used to take action in the markets.
BITFINEX:BTCUSD
by VincePrince
61
Bitcoin, Meaningful Step, Proper Alignment More Possible Now!Hello Traders Investors And Community, welcome to this update-analysis about bitcoin weekly timeframe perspective, the fundamentally significant events occurred, what this now means for the overall weekly timeframe structure already mentioned previously and what we can expect from this the next times. The important falling resistance I pointed out bitcoin established was now taken out with a volatile candle to the upside which was needed to activate the proper scenario A and increase its probability further, I highly recommend that you watch this analysis to have a full-depth-overview also to this analysis which is coherently following up to the past one, further I made some levels thicker and like the second falling resistance which is a level of high importance currently, the step above the 10.000 psychological resistance was highly important and necessary for further alignment. As you can watch now marked in the chart bitcoin has just confirmed above the first falling resistance and testing now the upper boundary of the smaller channel it is trading in which is a resistance where bitcoin bounced already several times, therefore, it is in the possible spectrum that bitcoin does this another time now before moving up to test this upper boundary again to final confirmation. This resistance and the overbought condition bitcoin is trading currently in can indicate the bounce to the previously established support/resistance mark at the 10.000 - 10.500 level you can watch marked in orange where bitcoin has now some solid support by the resistance developed before. These facts lying ground for the more probable scenario A which was that bitcoin moves above the falling resistance before making a correction before. Currently, bitcoin has pierced the second large falling resistance you can watch marked in red, which I also made thicker because this is the more important resistance of the two. The factor that bitcoin pierced this line and also closed above it by weekly close can be a first indication that bitcoin also takes out this second falling resistance. When bitcoin takes out these last resistance levels there is definitely room to move on with scenario A and value above. As mentioned before this was the needed price action to validate scenario A and invalidate the B and it was also one step for bitcoin to hold on to the pace which some altcoins already established. We will watch how this whole scenario is playing out in the more likely scenario and especially how bitcoin will proceed when the scenario has played out properly. Bitcoins situation compared to other global markets is currently a healthy one as the major stock-indices still trading below all-time-highs and showing mixed signals bitcoin has shown strength now but now it is more important to hold this strength and build on it where there should not come bearish signs which can invalidate it again, by the way, it was a really profitable time in the elite channel where we profited out of the volatile movements, further it should be noted that a dramatic increase in the corona and the fears resulting out of it can lead to high volatile selling to the downside similar which affect all global markets similar to those price-actions seen in march this year, when this does not happen bitcoin has a good future ahead, in such situation it is important to not rush into bad trades with FOMO as this happens often these days, it is better to wait then make risky decisions when the train already passed. In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you! Trading effectively is about accessing possibilities, not certainties. Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by VincePrince
26
Bitcoin, Scenario That Can Lead To A Paradigm-Shift!Hello Traders Investors And Community, welcome to this update-analysis where we are looking at bitcoins recent price-action since the last one, the current formation, what we can expect and what bitcoin can fulfill in order to increase the pace it is currently developing. Bitcoin is sending highly interesting signals at the moment and as I mentioned a bounce from the lower boundary of the huge channel formation was in the high possible range exactly this is what happened right now which is also documented and it is really great to watch that our elite trading channel noted good profits in this volatility which showed up. Currently, bitcoin broke above several important resistance levels and the big question now will be if this is just a huge bull-trap leading to a break of the channel to a downside or a successful bull-move which is lying ground to further movements into the bullish direction. When looking at bitcoin from a technical standpoint now it is still trading below important resistance levels, which is the 10.350 - 10.500 which is the big difference to other major cryptocurrencies like ethereum which already formed a breakout out of these resistance levels already while bitcoin is still trading in this huge and substantial parallel channel formation and therefore factly in an unconfirmed state but this can change when bitcoin takes out this resistance, as I pointed out in previous analysis it is more within the likelihood spectrum that this resistance will be taken out in the middle-term sooner or later, the question was if bitcoin forms a correction and pull-back before that or has the strength to stabilize in the level and form an immediate breakout, as the volatility popped up now showing stronger bulls the possibility for the immediate scenario increases when bitcoin holds the established pace. The next time we can expect bitcoin to test the 10.350 - 10.500 resistance which it has pierced now already, when bitcoin succeeds in this level and moves beyond it there are some possibilities given that it moves above and confirms bullish but as there are still important resistance zones and the market is slightly overbought on the short-term the pull-back scenario is more possible as it will also confirm the overall wave count and completion of the channel formation, therefore it is highly important that bitcoin holds the lower boundary as you can watch it marked in my chart with the critical confirmation, when it does and stabilize in this level there will be a good potential given that bitcoin moves on to test the 10.350 - 10.500 mark a final time and at the end moves above it, therefore it is important that bitcoin does not fall below this level and stabilizes healthily above it. In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you! Astonishing claims require astonishing results. Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by VincePrince
73
BTC is forming a fractal. Triangle Important area. Trend tradingPerhaps the fractal will work, because everyone sees it. Especially if it is shown to those who are always blind (stupid market participant) and the foolish panic purchases will begin. It should also be noted that at any moment this local trend can unfold, therefore always trade with the trend. The price is currently in a local uptrend (white line), in the resistance zone of the secondary downtrend (red line). An ascending triangle has formed. Breaking it up / down and fixing the price will mean which trend will develop in the future. Trend trading. Last my trading and tutorial ideas for this BTC / USD trading pair. BTC / USD Retention of a position in a trend. Ascending wedge. Important area Secondary uptrend continues. A symmetrical triangle has formed in the trend zone. BTC / USD Formation of a symmetrical triangle. Pivot zones An ascending triangle with a base of 28%. Secondary uptrend continues. After breaking up, the symmetrical triangle was redrawn by the price into an ascending triangle with a base width of 28%. The price is clamped. Coming soon. An ascending triangle is a bullish formation, but there are cases (less than%) when it breaks down. If you are not in a position at the moment, then entering the market is only a breakout or a pullback after a triangle breakthrough. Where the triangle is broken and the price consolidates, that and the local trend will develop. Trend trading. In this trading idea, I showed the main trend of the BTC / USD pair. BTC / USD Trend Trading. Important area. Fantastic scam. Do not be greedy people. Greed begets poverty. Do not take risks in your trading when the risk is not justified. If you do not understand what the potential price movement will be, skip it. You always have time to earn. Look at my related 1 year old trading ideas for this trading pair, which I attached to the description of the idea. What has now been formed on bitcoin I showed in my trading ideas about 1 year ago.
by SpartaBTC
12
Bitcoin Setting Up To Test The 10K Another Time!Hello, Traders Investors And Community, welcome to this update-analysis where we are looking at the major cryptocurrency bitcoin 4-hour timeframe perspective, the recent events, the current price-structure, and what to expect the next times. As recently mentioned bitcoin has confirmed the symmetrical-triangle-formation bullish and has now pushed into the first upside targets which we by the way traded in the elite trading channel where we entered before the huge volatility showed up. As bitcoin is still in a sideways range the full bullish confirmation is still not confirmed yet and while there are already resistance levels above such as the 10.000 USD mark these factors should also be taken into consideration, therefore, I detected some valuable and meaningful signs which can affect the further outcomes. As you can see now in my chart bitcoin has moved above the important key-level marked orange which is also a support/resistance level for further price-action and currently, it is support, therefore it is within the possible spectrum that bitcoin confirms this level around 9400-9450 as support when visiting again otherwise when it not does and falls below with a bearish move this can be seen as firstly bearish signs entering the environment when bitcoin falls below the rising dashed grey trendline and below the 45-EMA in red this will invalidate the direct bullish consolidation but when these levels hold there is a solid possibility given that bitcoin sets up and forms a move to test higher resistance levels where the 10.000 USD mark will still be a huge barrier and therefore a consideration worth for a reversal in this range as you can watch it marked in my chart. When bitcoin manages to hold the suggested support and moves higher to test the 10.000 USD mark this can be considered as a possible short-zone as there is still high supply in the market but this does not mean bitcoin will completely break down it can mean that bitcoin shows minimum a correction to either stabilize in this sideways range or move on to show more bearish pressure signals. For a continuation of bitcoin established bullishness it is highly important that bitcoin holds the 9500 range level and from there set up for a possible bullish continuation and take out of higher levels when bitcoin doesn't show this the bullish scenario will be invalidated when bitcoin moves below the bullish invalidation level you can watch marked in my chart at around 9020. The current situation is a situation where bitcoin has to show and prove if the established bullishness can hold sustainable or there comes a correction when not a bigger pull-back before. In such an environment it is important to keep in mind that bitcoin is still in this long-lasting consolidation range where it has not shown a breakout either to the up or downside, technically speaking the breakout can still occur also on the downside, therefore, it is important to not fall for the speculative approach seen too often these days thinking bitcoin has already confirmed long-term-bullishness and move on to a new all-time-high the next week, for now, bitcoin has shown some good and solid bullish moves in the short-term but only a successful move above the 10.000 USD mark and development above it can confirm the bullishness also in the middle and long term substantially. In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you! All progress takes place outside the usual expectation. Information provided is only educational and should not be used to take action in the markets.
BYBIT:BTCUSD.P
by VincePrince
28
Bitcoin, These Are Significant Level On Weekly Basis Now!Hello Traders Investors And Community, welcome to this update-analysis where we are looking at bitcoins weekly timeframe perspective, the recent-events, what are important levels now and what we can expect from bitcoin the next times. Different to for example ethereum as I pointed out is in a confirmed state the major bitcoin is still unconfirmed looking on two possible scenarios likely to play out over the course of next weeks. Bitcoin has still this massive resistance at the 10.000 USD level but when it takes this out sustainable with a protracted move similar to this one seen in ethereum or cardano it can likely confirm above the heavy falling resistance which exists since the 2017 tops have been confirmed. In this case, I detected some important signals not only on the smaller timeframes, daily and 4-hour but also on the higher weekly timeframe building up to a coherent environment. Marked in my chart you can watch this smaller rising parallel channel where bitcoin currently trades in and which will be a crucial factor in the further development, furthermore, you can watch this falling trendline from the top formed in june 2019 to the top formed in june 2020, when this falling trendline will be confirmed to the upside substantially it will be a first bullish sign and when it shows up bitcoin has to take out also the major falling resistance line which has its origins in 2017. These two trendlines are important and need to be taken out to the upside in the right volatile manner when considering a bullish continuation this can happen either when bitcoin stays in the parallel channel or when bitcoin firstly confirms below it to fall and back-up in the support range at the 6700 level to go ahead as you can watch in my chart, therefore the further price-action can be divided into two likely scenarios as marked in my chart. Overall the cryptocurrency market is sending highly different signs as there are coins that just confirmed heavily to the upside like cardano or ethereum making new highs while there are others like bitcoin cash or xrp which are still in sideways ranges. Compared to the stock-market the bearish scenario should definitely not kept by side as there is still no final confirmation that the bear market has ended, for now, we see corona increasing again and still big differences between real economy and assets growing because of money pumped into the market which can lead to speculative rallies, therefore it is important to do not get overly speculative and keep also the reverse perspective in mind as a dramatic increase in corona can lead to heavy breakdowns on global financial markets almost affecting everything similar to those seen in March this year, in that sense the next months will be highly important and crucial for further developments. In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you! Prospect is the ingredient of good fortune. Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by VincePrince
27
Bitcoin, Confirmed The Triangle Greatly, Possible Pace Ahead!Hello, Traders Investors And Community, welcome to this update-analysis about bitcoins 4-hour timeframe perspective, the symmetrical triangle, the recent price-action-events, the occurred confirmation and therefore what we can expect the next hours and days. The huge symmetrical triangle which I mentioned bitcoin is build confirmed now greatly with a volatile move and confirmation to the upside, this does not mean bitcoin is one hundred percent bullish now but it definitely has some decent potential when it develops further and builds up to the established momentum gained, therefore, I detected some meaningful signals which can be fulfilled to confirm this overall price-action. As you can watch in my chart bitcoin confirmed above the 9330 level which was resistance before and is now support with a volatile move before that the breakout occurred with a valid confirmation above the upper boundary of the huge symmetrical triangle leaving a higher low in the triangle. Such movements normally indicate further development in the proper direction when the trend stays strong and no additional reversal signs enter the surface which can invalidate the continuation. Therefore it is significantly important that bitcoin confirms the important support you can see marked in my chart between the 9300 and 9330 levels rightfully to set up for further movement. The whole structure has currently a more bullish than the bearish edge on the short-term-perspective, this is fundamental to note currently that it is the short-term and not the middle-to-long-term-perspective where bitcoin is still trading in an unconfirmed formation. Furthermore to succeed on the short-term bitcoin has to take out the 9600 level where still a solid resistance lies, when bitcoin confirms this level it has the potential to advance further and the possibility of bullishness on the middle-term increases. We will see how this whole dynamic will play out and if bitcoin manages to get strong enough to catch up the heavy upside movements seen in the altcoin market so far. In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you! A extensive mind becomes an extensive fortune. Information provided is only educational and should not be used to take action in the markets.
BITSTAMP:BTCUSD
by VincePrince
26