Here we are analyzing BTC/USD on the 4H chart.
Bitcoin is currently trading at 6839 after finding resistance from the 20 and the 50 major moving average above. which offered the signal that Bitcoin could have a small move to the lower horizontal support boundary at 6510. It is what happens after hitting 6510 that will be interesting news for Bitcoin .
As it stands price action is in a small 3 wave impulse up leg. If price breaks the 20 and 50 moving averages as resistances, it will almost certainly immediately rise to 7710 (Which coincides with the side-wards resistance) before either breaking the level, or coming back into structure to test it.
After the move has completed, I expect price to remain in the rangebound, and I am optimistic for move alongs price does not go below the horizontal at 6510.
Bare in mind, that a retest is very good for creating a new position and even holding an old one if you're able to hold for longer term. And I'll also be an eager buyer when it hits one of these supports and acts in line with my rules for engaging this trade.
I will update this analysis when I receive above 40 likes.
Well done to everyone who followed my trade here, an excellent result as expected.
I am glad to be your one stop for Cryptocurrency, and I believe I was one of the only on the entire site to predict the upside move.
Too many people are trading with their emotions. They should be trading what they SEE and what not they THINK.
Many more Cryptocurrency analysis to come.
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