BitcoinLong
BTC Uptrend Movement
This is my first Bitcoin analysis, so let's get to it:
BTC started an uptrend movement starting March 18th after finding support at $4500 region. As you can see in my 4h chart, the price had a steady climb since then, holding yellow support line in the uptrend movement. Moving averages have bull market arrangement, 21 MA above 100 MA and above 200 MA. This is extremely bullish for BTC and I think there is a great chance that in month of May we are going to see some great movements in the market or possibly the bull market will extend into the month of June?!.
After hitting recent highs at $9500 level, price pulled back and fined support at 23% Fibonacci Retracement just around $8700 price level. If BTC holds this level which is highly probable, the next movement up will be toward previous highs at $9500 and breaking that resistance will push the price higher toward 38% to 78% Fibonacci Extension at $10000 to $11000 price level, respectively. Of course each of this Fib Extensions level will act as strong resistances. Profit can be taken in those levels and wait for the pull back before finding the next entry point. We will see if market will change direction at those levels or not!
In the other hand, breaking the trend line can push the price down toward $6000, then $5000 or possibly lower. Although I don't think it is probable at least in the month of May. So let's see where we go from here.
This is just my opinion, not a trading advise!
Trade Wisely, Always Use Stop Loss & Stay Safe!!
MM
BTC started an uptrend movement starting March 18th after finding support at $4500 region. As you can see in my 4h chart, the price had a steady climb since then, holding yellow support line in the uptrend movement. Moving averages have bull market arrangement, 21 MA above 100 MA and above 200 MA. This is extremely bullish for BTC and I think there is a great chance that in month of May we are going to see some great movements in the market or possibly the bull market will extend into the month of June?!.
After hitting recent highs at $9500 level, price pulled back and fined support at 23% Fibonacci Retracement just around $8700 price level. If BTC holds this level which is highly probable, the next movement up will be toward previous highs at $9500 and breaking that resistance will push the price higher toward 38% to 78% Fibonacci Extension at $10000 to $11000 price level, respectively. Of course each of this Fib Extensions level will act as strong resistances. Profit can be taken in those levels and wait for the pull back before finding the next entry point. We will see if market will change direction at those levels or not!
In the other hand, breaking the trend line can push the price down toward $6000, then $5000 or possibly lower. Although I don't think it is probable at least in the month of May. So let's see where we go from here.
This is just my opinion, not a trading advise!
Trade Wisely, Always Use Stop Loss & Stay Safe!!
MM
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