BTC/USD - Level To Watch

What's up traders, I hope you have all had wonderful new years celebrations.

Here we have BTC/USD on the 1H chart.

BTC/USD appears to be ready for an up move. Bitcoin has been trading sideways for a while. Recently there has been signs of a reversal at the horizontal support zone at around 12480.

There is 2 side-wards resistance levels that are currently in control of price action. There is the long term side-wards resistance line at 12760, and a smaller channel resistance at 13600. Price needs to break both of these resistances to break out of this downward spiral.

It appears BTC/USD is in a technical downtrend, but with a possibility of a bounce back soon. Price is showing a number of retests on horizontal support at 12530. Price ideally needs to pick up momentum soon in order to keep the uptrend alive.

If price successfully breaks and closes above the sidewards resistance line at 13600, I am expecting an upside move to to target of 14600.

I will be updating this analysis and providing a realtime buying signal if this gets 40 likes.
評論: I have posted a brand new analysis on XRP/USD (Ripple) on my TradingView profile.

Definitely one to keep an eye on. :)
評論: BTC/USD has gone exactly how I expected in this forecast. Well done to each and every one of you who followed this trade, and had their own trading strategy to turn this analysis into a profitable trade for yourselves.

A good start to the new year. :)

評論: Brand new DGB/BTC analysis posted on my TradingView profile.

Here I provide my latest thoughts, and offer potential targets to look for a profitable opportunity soon.

Check it out !
評論: Brand new analysis has been posted on this pair... See my TradingView profile page for the new trade plan!

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Hi Tom,

Thanks for your analyses.
What do you think will happen next?
+2 回覆
@Rob1n2, Yes Tom, we are looking forward please:)
I am beginer in cryptocurrency trading,and a bit confused about whats is happening right now,there was pump recently and btc broke the resistance line so i thought its a good signal to enter a long postion,this was the signal i was waiting for and i thought correction is done,but right now btc is going down agin and it is getting very complicated for me,anyone has any suggest and help?
ozminer-01 salehiialii
@salehiialii, We saw a bearish rising wedge (search for the pattern online). This may or may not mean a continuation to the downside. It does however typically mean a temporary move to the downside, which we got. The next day will indicate if we'll see a further move down or if it starts to recover. The last bull run may have been due to the news about the hedge fund investing millions in BTC.
looks like another fall coming ...resistance is strong and market dropping for another fly..probably will go to 13.2k if didint rise..
@ghose12, i am thinking also as yours
@TomProTrader Wish I saw your analysis earlier :) Oh well I guess having 5 bites at the cherry was enough. Having said that, I'm seeing a rising wedge forming with lower volume. This would suggest another push down over the next day or so. Target of around 13,800 support may be achievable, before continuing the up trend. The spike today was also news related to a large BTC investment from a Hedge fund.
+1 回覆
Great TA as usual Tom Thanks for taking the time to share!!
+1 回覆
TomProTrader PhillipLatchman
@PhillipLatchman, Thanks for your compliments, many more analysis to come !
I'm noobie Tom. But you look and write very professional. I'm trust in your analysis.
+1 回覆
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