BTC/USD - Short Term Buy Opportunity

What's up traders,

Bitcoin has been tumbling. Bitcoin is very weak lately and has broken down harder than I believe a lot of people realized. So be nimble with your trades.

Moving on, let's analyze a new possible buy opportunity on Bitcoin on the 1 hour chart!

Bitcoin has began a short term recovery move today, moving up a clean 640 points (at the time of writing) and is now approaching a key horizontal resistance level at 7210. If price breaks above this level, it will begin a new up move which could see price go as high as 7840 in the short term, which would negate almost the entire crash down move we've experienced in recent days.

Bare in mind that a retest on the side-wards resistance turned support at 6810 is a high possibility before hitting the resistance zone above.

Bare in mind that this is SHORT TERM. This idea is NOT valid unless we break the 7210 level and test the old resistance as support.

I will update this analysis when I receive above 40 likes.
評論: This analysis going exactly as planned. Well done to anyone who followed my analysis and got the move right with me once again!

Glad to be everyones one stop shop for CryptoCurrency analysis. :-)

Like & follow for more accurate CryptoCurrency analysis.
Thanks for another good Idea Tom!
There is a big sell wall at 7500 on Bitcoin USDT Bittrex books which might prevent the price to go beyond 7500 (on Bittrex at least)... thoughts?
mohitbehrani1 mohitbehrani1
+1 回覆
Mycomorel35 mohitbehrani1
@mohitbehrani1, It's the .65 retrace of the entire structure on my chart, probably algorithms selling. On Bitstamp it hit in withing $3 twice and then turned down.
TomProTrader mohitbehrani1
@mohitbehrani1, Thank you :-)
mohitbehrani1 TomProTrader
@TomProTrader, no worries! Its interesting to see that we went right back down after hitting 7500 on Bittrex and how manipulated this market is.. :)
@TomProTrader , thanks Tom.... can you please clarify more on how if we break the 7840 the current crash we see would be negated. I mean in terms of TA... thanks again
TomProTrader bilalabes
@bilalabes, Simply put, the 7840 is right near the price bitcoin was at before it had that strong drop again.

So getting to 7840 would put us back on track.
bilalabes TomProTrader
@TomProTrader, :) thanks Tom ... appreciate your reply....
Simple but accurate.
Good job bro
TomProTrader tokeylokey66

A good trader knows how to trade using the complicated tools with difficulty.

A great trader knows how to use the simplest tools with ease and intuition.
+1 回覆
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