Hello traders, I hope you're all having a wonderful Christmas.
Here we have BTC/USDT on the 12H chart.
BTC/USDT has been in a correction move since the long term uptrend. More recently price has bounced on a key horizontal support zone at 11980, and is now bouncing a second time at this level. Price could consolidate at this support.
As it stands, it appears that BTC/USDT is ready for an up move. Price is not only at a horizontal resistance, but is also at a point of Fibonacci key retracement support. And there is also a Fibonacci support confluence! This means that BTC/USDT is currently trading at a major support level. This in itself is no guarantee of a up move, but, it does tell us one thing. If BTC/USDT is able to break below such a strong support, what does this say about the trend integrity of Bitcoin? It could tell us BTC/USD is obviously quite weak.
I am expecting an up move eventually. It may well break below the current support and go to the lower support zone at 7550. But as mentioned above, if it breaks the current support zone it does say a lot about the true strength of Bitcoin as a whole.
I now think, a break below current support says not only a lot about price, but a lot about investors psychology and investors sentiment towards this Cryptocurrency. All bets are off for a long term uptrend if such a monumental level is broken, as it is basically an agreement that the uptrend will stay in place.
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Price has broken a key side-wards resistance line at 13980 and is having a strong break to the upside.
Well done for taking this idea. Looks like it will have a nice up side move up horizontal resistance of 19260.
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Brand new analysis posted regarding BTC/USD on my TradingView profile.
This post gives my latest thoughts about BTC/USD and looks atthe ideal places to be a buyer.
Check it out now!
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Brand new ETH/USD idea just published on my TradingView!
Check out my TradingView profile for my latest thoughts on Ethereum!
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Fresh analysis posted on my TradingView profile focussing on IOT/USD
@TomProTrader, do you have any suggestions on this fall? I think that it wont stop easily.
themomentum
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Bitcoin crashed from 1000 to 100 in 2013 didn't killed the 'long' term up trend so I don't agree to that.
Good analysis but don't think the support points are right
@TomProTrader, If the bitcoin hits a low, how low are we talking about? 8ish?
TomProTrader
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@videoorchard, Most likely a bounce at around 8,000. If that structure fails, it could fall much more.
videoorchard
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@TomProTrader, Looks like we are on bear run here. your thoughts? I really wanted to invest at 10k. kicking myself now!
AdrianZen
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@themomentum, It's hard to kill an "uptrend" of something that went from a fraction of a cent to 20k on a 9 year long chart. But nowadays Bitcoin looks like a baloon that hit a needle on a ceiling.
Question: Why do you use 3 and 8ma? To get signals in an early stage?