BitcoinShort
Bitcoin-USD: Low Time-Frames Ready, High-Frames Disagree
Updated
The buzz around Twitter implies BTCUSDis ready to start climbing again, and at first glance at the daily chart, it's easy to agree. But lets take a look at the higher frames, which ultimately win 9/10 times when it comes to incoming moves.
Buy volume is typically generated in one of two ways
As of the time of this being posted, the more likely seems to be the later, although several fundamental/adoption based stories could potentially be the white swan if the news came out, in which this analysis would be rendered virtually useless.
Looking at the low time-frames, everything up until the 3D chart looks bullish. Although, with price already touching the mid-bband on the 1D (HA Candles), do not be surprised, if the wick to $10700 on Sunday night was the highest price gets to this week, before potentially dumping to lower levels, to tap into the liquidity that was generated there in March-June.
In terms of where price will go, the expected range is roughly 6k-8.5k. Yes that's a large range, but the weekly chart is suggesting a price move that will at least touch the VWMA, and the Bbands + Kelts are in agreement as well. Anything lower than 6k will ruin bulls, but the idea is to generate enough buy volume that gets this market moving back to where people expect it to be.
I do believe that once we touch these support levels, we will see continuation to the upside, and ultimately a continued buildup to a bull run (which won't start in my book until ATH is broken).
Long-term) My guess is that by May of 2020 we see close to ATH levels, as historically speakking, the BTC Halving has resulted in price being equal to or just below at time highs, and primed for breakout.
Short-term) I'll remain bearish until these levels are touched, unless we break
14K / the June high. Specific prices to expect and reasoning why is on the chart.
Buy/Sell indicator on chart = MarketGod v7 --> Available August 28th on https://www.marketgod.io
Cheers
BTCUSDis ready to start climbing again, and at first glance at the daily chart, it's easy to agree. But lets take a look at the higher frames, which ultimately win 9/10 times when it comes to incoming moves. Buy volume is typically generated in one of two ways
- White Swan News Event
- Massive price dump
As of the time of this being posted, the more likely seems to be the later, although several fundamental/adoption based stories could potentially be the white swan if the news came out, in which this analysis would be rendered virtually useless.
Looking at the low time-frames, everything up until the 3D chart looks bullish. Although, with price already touching the mid-bband on the 1D (HA Candles), do not be surprised, if the wick to $10700 on Sunday night was the highest price gets to this week, before potentially dumping to lower levels, to tap into the liquidity that was generated there in March-June.
In terms of where price will go, the expected range is roughly 6k-8.5k. Yes that's a large range, but the weekly chart is suggesting a price move that will at least touch the VWMA, and the Bbands + Kelts are in agreement as well. Anything lower than 6k will ruin bulls, but the idea is to generate enough buy volume that gets this market moving back to where people expect it to be.
I do believe that once we touch these support levels, we will see continuation to the upside, and ultimately a continued buildup to a bull run (which won't start in my book until ATH is broken).
Long-term) My guess is that by May of 2020 we see close to ATH levels, as historically speakking, the BTC Halving has resulted in price being equal to or just below at time highs, and primed for breakout.
Short-term) I'll remain bearish until these levels are touched, unless we break
14K / the June high. Specific prices to expect and reasoning why is on the chart. Buy/Sell indicator on chart = MarketGod v7 --> Available August 28th on https://www.marketgod.io
Cheers
Trade closed: target reached
Eric Thies
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