BTC/USD - The Latest
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Price has managed to hold it's own quite nicely right at the resistance level. So for now, I am eyeing a possible entry scenario for Bitcoin. For this analysis however, the entry is only CONDITIONAL, and will ONLY be valid if a few CRITERIA are met.
Criteria for entry are as follows:
- Bitcoin needs to hold it's own and then break the side-wards resistance level and come back to test it later as a support.
- It stays above the side-wards resistance. Price needs to stay above here because this is the only real bullish indicator at present. Had price break this level, an entry long would be INVALID, until we retest the support zone again.
- Price hits the side-wards resistance and uses it as a support before a long can be entered. If price fails to do this, there is NO entry here.
If either of the above conditions fail, there is NO entry scenario. This is merely a scenario that could play out had price continue to remain stable. I am eager to get in also, but only at the right time, with the right probabilities on my side :-)
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
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Thank you for your support.
Criteria for entry are as follows:
- Bitcoin needs to hold it's own and then break the side-wards resistance level and come back to test it later as a support.
- It stays above the side-wards resistance. Price needs to stay above here because this is the only real bullish indicator at present. Had price break this level, an entry long would be INVALID, until we retest the support zone again.
- Price hits the side-wards resistance and uses it as a support before a long can be entered. If price fails to do this, there is NO entry here.
If either of the above conditions fail, there is NO entry scenario. This is merely a scenario that could play out had price continue to remain stable. I am eager to get in also, but only at the right time, with the right probabilities on my side :-)
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Note
A lot of people have said "Tom, why use Bitfinex chart, it makes your analysis invalid" No, no, no, it doesn't. Like I said 12 times before this comment, whichever chart I use, my analysis is still VALID.I'm sure they were mostly trolls, but maybe sincere viewers saw their comments and got confused. See all quotes on different exchanges below for verification :-)
Bitstamp chart:
Bitfinex chart:
Coinbase chart:
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