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 bullish move alongs price does not go below the horizontal support level 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.
交易結束：目標達成
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Target reached, well done!
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.
Thanks, Tom, I did follow your trade! I also got good percentage profit on this one! :) And I also had some mixed signals confirmed about of brewing Bullrun and reserves when all the time everybody was talking about even further drop. That is why I decided to take the trade. In my opinion it was panic mostly causing more fall than it should. But now after so fast and explosive Bullrun things may be twofold and we should see more data from following hours and days to have some trade plan.