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BTC/USD Eyeing The $12000 Strong Confluence Resistance Feb 19 Bitcoin retraced somewhat yesterday on bearish divergence and today it pierced below the daily pivot point at 10600 but is now back up above again with a close. It didn't reach the Kijun sen at 10325 or the channel floor for a test. Also the new Weekly pivot point sits at 9925 just below the channel, today aligned with the daily S1. This level would normally have a pull on price but since we also have the important and untraded Monthly pp within reach the latter seems to have the strongest pull right now. Bulls would like to see price close above the daily R1 at 11100 which would likely propel price to the 12000 level were we have the strong confluence resistance (upper large channel/Monthly pp/Weekly R1/ S/R level and the daily Kumo Cloud) Chances are that price will bounce lower from the 12000 level at a first hit and it could result in the first larger correction since the 6000 bottom, normally to the 61,8 fib or if softer the 78,6 fib of the whole upswing. Overall, price is correcting slightly around 11000 but there still seems to be many buyers stepping in on any minor drop. The bearish divergence could still affect price and we could see further correction below 10250 which would expose the Weekly pp. It is unlikely to see price drop below the important 9500 S/R level before hitting 12000. A first sign of weakness will be the breaching of the minor channel drawn on the chart.
BITSTAMP:BTCUSD
by CapMoore
BTC/USD - 9K Bitcoin - Get Low Get Low!In this video, I highlight what I'm currently seeing in my 4HR charts and the setup I've been watching that's currently playing out. You can see we had a break of a inside uptrend line, which is part of a triangle pattern that played out today. As of right now, we are trending down to target one, which I think will be hit and aligns with a low back on Jan 17th. While I do think target 2 is a possibility, it will be difficult to get there as we will need to see a break of the larger up trend line and a break of a weekly .786 fib zone. Physiologically, I think most who are in the cryptospace see BTC at anything under 9k as a fire and blue light special sale all in one, so as we get lower the buying pressure will likely increase in my opinion. So while target 2 is/should be in play i see it as a hard one to get. I really hope you enjoyed the video... like, share, and comment. I would greatly appreciate it.
BITSTAMP:BTCUSDLong
by Crypto_Sid
1
BTCUSD is gearing for at least 15% to 20% pullbackWe have an overshoot at the top. Too far too fast so I believe BTC will pull back 15-20% from these highs. It may or may not go higher from there depending on whats happening in the crypto space. There is a lot of headline risk lingering regarding fraud that most people are ignoring. (i.e. Tether) The crypto market has to flush out bad cryptos before BTC can real soar. If you agree or disagree hit the follow button and lets figure it out together.
BITSTAMP:BTCUSDShort
by ChartrunnerMan
1