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It is a very exciting time to be trading Cryptocurrency as price has recently broken a multiple month low! price has broken into an uptrend territory with a very strong and clear breakout. Price broke out of a heads and shoulders pattern very nicely, and price also broke a long term horizontal resistance zone which broke us out into a new uptrend. Not only did price break the heads and shoulders pattern and breaking the neckline, and broke the long term side-wards resistance line also all at the same time! This is why the breakout happened with such strength at this level, because it was a key level. Price is now lingering at the 200 moving average and it is acting as a major moving average resistance in turn. Since then, there has been a strong shooting star signal at this level, and it is clear there is going to be correction, and the bulls will likely take a breather before going back to the upside again. No uptrend literally goes up without a pause, and this is definitely no exception to the matter. It will correct off the 200 moving average, likely started by the shooting signal that has occurred now. When correction commences and completes, we will then likely have a new buy opportunity. Let's outline the possibilities.
Bitcoin is going to make a correction to one of 2 correction levels before the buy opportunity. When the buy opportunity occurs, it will likely cause another pump, which will exceed the 200 moving average, and could even use it as support before a new pump. If price runs in this manner, then price could actually start quite a significant uptrend that could see price going into the highs like they once were before. I doubt the rally will be as strong as the end of last year, but the rally could be a nice stable uptrend after such a despondent and long term downtrend.
Price will correct to one of 2 levels before the move up, they are:
- Price corrects to 7080, bounces off consolidation support, before breaking to the upside in a new pump that will either use the 200 moving average as resistance, or break above the 200 moving average and use it as a support before a new up move occurs.
- Price corrects to the downside, does a steeper correction at 6780, bouncing on the resistance zone turned support before the new move up. Bear in mind when price hits this level it will more likely use the 200 moving average as a resistance rather than later using it as a support.
I will continue to update my analysis if it receives sufficient likes/attention.
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Bitcoin is going to make a correction to one of 2 correction levels before the buy opportunity. When the buy opportunity occurs, it will likely cause another pump, which will exceed the 200 moving average, and could even use it as support before a new pump. If price runs in this manner, then price could actually start quite a significant uptrend that could see price going into the highs like they once were before. I doubt the rally will be as strong as the end of last year, but the rally could be a nice stable uptrend after such a despondent and long term downtrend.
Price will correct to one of 2 levels before the move up, they are:
- Price corrects to 7080, bounces off consolidation support, before breaking to the upside in a new pump that will either use the 200 moving average as resistance, or break above the 200 moving average and use it as a support before a new up move occurs.
- Price corrects to the downside, does a steeper correction at 6780, bouncing on the resistance zone turned support before the new move up. Bear in mind when price hits this level it will more likely use the 200 moving average as a resistance rather than later using it as a support.
I will continue to update my analysis if it receives sufficient likes/attention.
Please do me a favor and leave a LIKE, and I will continue to update my analysis :-)
Thank you for your support.
Anmerkung
Weakness is beginning to bite price action. Anyone in a long position should be cautious now, as if price closes below 7370, it'll likely fall to 7370, retest, then bounce off side-wards resistance, igniting a significant correction in Bitcoin.Be nimble, be patient, and let the trades come to you. You chase, you will lose.
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Anmerkung
If price does NOT close below 7370, then of course you can disregard the above update :-)It only applies if it DOES close below 7370 :-)
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Anmerkung
If price falls below 7370, it'll likely go to 7270*Anmerkung
Price is correcting downwards now exactly as I predicted in my analysis. Now this is happening we must watch the 2 levels I've emphasized in the analysis for price to bounce. The levels to watch are 7080 and 6780.
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Anmerkung
Price is still fighting like a warrior at the swing highs! This is great, as sustainability requires effort, meaning bulls are pushing even still at this level!Despite the pushing I still believe it will correct regardless. I don't think it will correct as far as the H&S neckline anymore due to bullish persistence, but rather to the middle correction level at 7100 before the next push up.
Don't buy longs here, that would be "eating like a bird and pooping like an elephant."
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Anmerkung
Watching this remains unspectacular for now, better to sit on sidelines and wait for resolution of this before jumping in.Even short term bias is neutral, with a bearish engulfing signal initiating a downside correction before a bullish engulfing putting us back into the neutral consolidation again.
Let's keep watching and see what happens.
Anmerkung
Continued strength at this level! The bulls really don't want to see price go lower any further! I think this is just temporary, and the only way this will stop is if price manages to have a clean break below the consolidation lows at 7280. This is the level to watch.If this is broken then it's time to consider correction - But it depends also HOW it's broken as well, which is why I will keep this analysis updated as it progresses.
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