What's up traders,
Here we are analyzing BTC/USD on the 4H chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. If you review my previous Bitcoin -0.36% analysis, you'll see we predicted the down move perfectly, and our trading plan on the pair is going exactly as planned. I congratulate everyone who has been following all my Bitcoin trades analysis recently, as we have made some serious profits! I'm glad to be your one stop shop for you all!
Bitcoin is currently trading at 8416 after finding resistance from the 20 and converging 200 major moving average which are acting as resistance. which offered the signal that Bitcoin was going to take a short term correction. Price has completed a down swing against the side-wards resistance at 8690 which started the downside correction.
There's a horizontal support between 8320 and 8180 which price will fall to if the major moving average resistance gets the better of price action. If price breaks below the first horizontal support, we should watch for a buy opportunity at the lower support zone between 7770 and 7630.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
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.
Here we are analyzing BTC/USD on the 4H chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. If you review my previous Bitcoin -0.36% analysis, you'll see we predicted the down move perfectly, and our trading plan on the pair is going exactly as planned. I congratulate everyone who has been following all my Bitcoin trades analysis recently, as we have made some serious profits! I'm glad to be your one stop shop for you all!
Bitcoin is currently trading at 8416 after finding resistance from the 20 and converging 200 major moving average which are acting as resistance. which offered the signal that Bitcoin was going to take a short term correction. Price has completed a down swing against the side-wards resistance at 8690 which started the downside correction.
There's a horizontal support between 8320 and 8180 which price will fall to if the major moving average resistance gets the better of price action. If price breaks below the first horizontal support, we should watch for a buy opportunity at the lower support zone between 7770 and 7630.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
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.
