What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. I congratulate everyone who has been following all my Bitcoin analysis as of recent times, as you would have been in the right direction of the market every time. I am glad to be able to be a one stop shop for you guys and show you the true market conditions in my analysis!
Bitcoin is currently trading at 11298, which is the peak of a breakout that started on 26th February with a morning star signal at 9580. Price is currently at the peak of the swing leg, which coincides with a previous peak on 20th February, and I am expecting the current leg to behave in the same way as the previous, and have a corrective move to the downside.
Price is likely to have a correction at current levels. Price has hit a peak and a double top type scenario, and I am expecting a corrective move down to the side-wards resistance turned support line, and Fibonacci retracement support at 9180.
After the corrective move has finished, I am expecting Bitcoin to resume it's uptrend, eventually hitting our target zone at 17970.
Bare in mind, that a retest is very good for creating a new position, as well as keeping an old one.
I will update this analysis when I receive above 40 likes.
Here we are analyzing BTC/USD on the 1D chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. I congratulate everyone who has been following all my Bitcoin analysis as of recent times, as you would have been in the right direction of the market every time. I am glad to be able to be a one stop shop for you guys and show you the true market conditions in my analysis!
Bitcoin is currently trading at 11298, which is the peak of a breakout that started on 26th February with a morning star signal at 9580. Price is currently at the peak of the swing leg, which coincides with a previous peak on 20th February, and I am expecting the current leg to behave in the same way as the previous, and have a corrective move to the downside.
Price is likely to have a correction at current levels. Price has hit a peak and a double top type scenario, and I am expecting a corrective move down to the side-wards resistance turned support line, and Fibonacci retracement support at 9180.
After the corrective move has finished, I am expecting Bitcoin to resume it's uptrend, eventually hitting our target zone at 17970.
Bare in mind, that a retest is very good for creating a new position, as well as keeping an old one.
I will update this analysis when I receive above 40 likes.
