Midterm Bitcoin price analysis, weekly view through Gann.
Updated
Dear community, I welcome you to the latest review of the Bitcoin weekly price chart!
Today we will look at Bitcoin through various tools, such as Ganns resistance and support, Trend analysis and Tom DeMark countdown indicator.
As we can see from the chart, over the past 9 weeks, bitcoin has grown rapidly, and currently maintains its bullish trend . But despite this, we encountered a very strong resistance at 10 540 $, this resistance was tested twice before (in october 2019, and february 2020), and the third attempt haven't been successful. Leaving us with doubt's and thought's about future price of Bitcoin .
Here's the facts and idea I came up to, I'm sharing it with you dear traders and investors so you could make your decision. Calculate the risk you willing to take wisely, do not risk the money you can't afford to loose.
Since May 2020, Bitcoin is ranging between 8 666$ and 10 540$ price clasters, with equilibrium at 9 460$ / 0.618 fib key zone. Passing through those supports and resistances will lead it to test next supply/ demand zone .
From trend perspective we making very similar higher high,higher low,lower high and lower low structure as Bitcoin did in year 2018. So from 2019 till 2020 and exact this moment HH,HL,LH,LL looks pretty close.
In 2018 after LL at 3k zone, BTC started it's uptrend and finished it with solid HH. By the count it fits our LL at 4k area and there huge odds that bitcoin could pass through 10 500 $, and make a hew HL ( 10 540$, 11 420$, 13 373$) or even make a HH. From other hand loosing 9 460$ on a weekly will lead us to test lower support zones, but I don't expect us to make a LL , instead a HL will take place and after that Bitcoin will resume it's uptrend, passing 10 540$ level and making a HH.
Tom DeMark weekly view, suggests us to be cautious. As couple weeks ago a weekly 9 signal appeared (on weekly timeframe it's pretty solid sell signal) and this current weekly closing below 9 460$ will open a red count one to downside, with expected 2-3 weeks at least retrace testing lower supports. However not always retrace comes.... rarely in extremely bullish market conditions such as rise from December 2018 to June 2019, that signal might be ingored and the price just keeps surging to the upside!
The market conditions are we right now is pretty doable... We have unlimited liquidity coming up from FED printer machine, pumping up all markets in euphoria, to highs before corona hit... From the other hand we see how economy struggle, people loosing jobs, human's finally waking up and see how big the debt hole is. Government keeps pushing further enslavement agenda aggressively (Such as AI control, corona fear leading to corona vaccine, further debt increase, tightening Police control, taking out human rights, poisoned food, chemtraills, ocean pollution, *beast marking* population and etc.) This is pretty decisive moment for humans, and only time will tell how well it goes.
Getting back to Bitcoin . The setup is following, currently we are still in solid uptrend, 0,382 Gann fib diagonal support took us pretty far. All moving average's is in bullish setup as well.
However I'm scaling into a mid term short position here. Strong close on weekly basis above 10 540 $ will turn me bitcoin bull, and i will look for long's till 11 420 $ and 13 373 $.
Closing weekly below 9 460 $ will confirm idea and open the road to further support zones 8 666 $ / 8 253 $ / 7 700 $ / 7 056 $ / 6 300 $.
So the plan is to add to shorts on every run up, slowly and steady.
When the dips comes, partial profit from short must be taken (to add higher, reducing risk, and taking profits ain't bad idea) leaving 50% and more position till lower prices, pick up leverage according to your preferences (i'm keeping my lower than x5)
Previous idea was violated, but I took short at 9,65k (small one). This one is updated!
SHORT Entry: 9700 $ - 10 300 $
Stoploss: 10 500 $
Take profit: 8 666 /8 300 / 7 700/ 7 056 / 6300 $
Wish you all sweet profits and steady wins!
Today we will look at Bitcoin through various tools, such as Ganns resistance and support, Trend analysis and Tom DeMark countdown indicator.
As we can see from the chart, over the past 9 weeks, bitcoin has grown rapidly, and currently maintains its bullish trend . But despite this, we encountered a very strong resistance at 10 540 $, this resistance was tested twice before (in october 2019, and february 2020), and the third attempt haven't been successful. Leaving us with doubt's and thought's about future price of Bitcoin .
Here's the facts and idea I came up to, I'm sharing it with you dear traders and investors so you could make your decision. Calculate the risk you willing to take wisely, do not risk the money you can't afford to loose.
Since May 2020, Bitcoin is ranging between 8 666$ and 10 540$ price clasters, with equilibrium at 9 460$ / 0.618 fib key zone. Passing through those supports and resistances will lead it to test next supply/ demand zone .
From trend perspective we making very similar higher high,higher low,lower high and lower low structure as Bitcoin did in year 2018. So from 2019 till 2020 and exact this moment HH,HL,LH,LL looks pretty close.
In 2018 after LL at 3k zone, BTC started it's uptrend and finished it with solid HH. By the count it fits our LL at 4k area and there huge odds that bitcoin could pass through 10 500 $, and make a hew HL ( 10 540$, 11 420$, 13 373$) or even make a HH. From other hand loosing 9 460$ on a weekly will lead us to test lower support zones, but I don't expect us to make a LL , instead a HL will take place and after that Bitcoin will resume it's uptrend, passing 10 540$ level and making a HH.
Tom DeMark weekly view, suggests us to be cautious. As couple weeks ago a weekly 9 signal appeared (on weekly timeframe it's pretty solid sell signal) and this current weekly closing below 9 460$ will open a red count one to downside, with expected 2-3 weeks at least retrace testing lower supports. However not always retrace comes.... rarely in extremely bullish market conditions such as rise from December 2018 to June 2019, that signal might be ingored and the price just keeps surging to the upside!
The market conditions are we right now is pretty doable... We have unlimited liquidity coming up from FED printer machine, pumping up all markets in euphoria, to highs before corona hit... From the other hand we see how economy struggle, people loosing jobs, human's finally waking up and see how big the debt hole is. Government keeps pushing further enslavement agenda aggressively (Such as AI control, corona fear leading to corona vaccine, further debt increase, tightening Police control, taking out human rights, poisoned food, chemtraills, ocean pollution, *beast marking* population and etc.) This is pretty decisive moment for humans, and only time will tell how well it goes.
Getting back to Bitcoin . The setup is following, currently we are still in solid uptrend, 0,382 Gann fib diagonal support took us pretty far. All moving average's is in bullish setup as well.
However I'm scaling into a mid term short position here. Strong close on weekly basis above 10 540 $ will turn me bitcoin bull, and i will look for long's till 11 420 $ and 13 373 $.
Closing weekly below 9 460 $ will confirm idea and open the road to further support zones 8 666 $ / 8 253 $ / 7 700 $ / 7 056 $ / 6 300 $.
So the plan is to add to shorts on every run up, slowly and steady.
When the dips comes, partial profit from short must be taken (to add higher, reducing risk, and taking profits ain't bad idea) leaving 50% and more position till lower prices, pick up leverage according to your preferences (i'm keeping my lower than x5)
Previous idea was violated, but I took short at 9,65k (small one). This one is updated!
SHORT Entry: 9700 $ - 10 300 $
Stoploss: 10 500 $
Take profit: 8 666 /8 300 / 7 700/ 7 056 / 6300 $
Wish you all sweet profits and steady wins!
Note
So BTC tanked as it was expected!Still, probably we might have one more attempt (fake out) to 9.3- 9.4k.
I would add to short there!
Forming a bull div on 4h, expect a bounce between 8.8-9k to upper levels, and continuation of a dump.
Note
Bitcoin bounced right there were was expected, now watching patiently on 9300-9400 level reaction. We should find resistance out there and gravitate downwards.Trade closed: stop reached
Trade closed, bullish momentum is strong. Observing reaction of the asset at 11420 resistance.
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