BTC/USD - Levels To Buy

What's up traders, I hope you're all having a good trading week.

Let's analyse BTC/USD on the 4H chart.

This analysis is a follow up of my previous analysis (See related ideas for information on this analysis) and I recommend viewing the previous analysis to better understand this new follow up analysis.

Bitcoin is currently trading below a side-wards support line turned resistance, after falling lower than expected. I am expecting price to continue to stay below the side-wards support turned resistance line for an extended period of time, at least to the support zone.

I am expecting price to go to the lower support boundary at 6600. Price could go up before this, but it's not logical to buy before a legitimate bounce because it could easily have a small corrective move and stall again into the lows. Patience is key.

I will update this analysis when I receive above 40 likes.

評論:

Bitcoin had an up move yesterday, after breaking above the support line turned resistance and moving up, breaking away from the short term downtrend we appeared to be in, for now.

This really doesn't phase me, as it's clearly just the bulls having a last ditch effort to get to the upside before too late which will fail.

Price has been weak as shown in the candles ever since it broke resistance, and now price is resisting at the 50 moving average.

Price is coming back down. It will wither break the new support and break down again, or if the bulls are around at a more sensible time, price will bounce at 7290 approximately, and it could be a buy opportunity.

Either way, I will be making strong money with this trade.