BTC USD - Coinbase - Daily
Updated
For me 6600 is going to be a major resistance and support level. If we see bitcoin break and close this line of resistance, it will have corrected itself from the panic and resumed its overall trend pattern. As the trend closes in on static support lines at 6600, we see a chance for a trend reversal and price action to start moving up once belief that asset can move back up has been realised.
On the flip side, again, if the 6600 resistance is not taken out with a close above, we can see a retracement back to find support where bitcoin has found a home - for now - on the 4 hours chart at around 5200 and 5300. I would wager another attempt at breaking the support from there, but there is a strong possibility that it could drop back down with little faith in bitcoin going up until we see some more stable price action heading upward. However, pay attention to the support and resistance levels and we can see some nice action getting while playing the ups and downs in-between them.
Swingers... Am I right?
On the flip side, again, if the 6600 resistance is not taken out with a close above, we can see a retracement back to find support where bitcoin has found a home - for now - on the 4 hours chart at around 5200 and 5300. I would wager another attempt at breaking the support from there, but there is a strong possibility that it could drop back down with little faith in bitcoin going up until we see some more stable price action heading upward. However, pay attention to the support and resistance levels and we can see some nice action getting while playing the ups and downs in-between them.
Swingers... Am I right?
Note
I have been checking out the price action on the 5 minutes chart. The price looks to be starting a downward trend once more after trying to test the resistance 6600 and the bottom trend line. You can see in the screenshot the after testing that resistance area it reject hard. For the time being, it appears that faith in bitcoin going back up has been lost. Note
Again on the 5 minute chart, I see what looks like some price binding ready to release and test the trend line another time. In the chart I have shared now, these are the likely take profit areas I see if the price action closes above the 50% area. Note
Ooof.. I was immediately wrong. :DNote
Okay, I am not completely mad. I am seeing the right stuff. on the 5 minute chart we did see a break out upwards looking to retest that trend line form the main analysis.
Note
Looks like we are making moves on the daily chart to head back up into the high 7000's. But I did notice that we are still within what looks like a key resistance/support area. If momentum pushes out of this, I hopeful that we will start to see some trend reversal back up to higher number at least a for a while.I am not sure what we are going to see at the halving. Everyone has their theories, I'm sure. What I believe could potentially happen is a brief scare and a sell off to protect profits with with a recuperation once more and a continuation of the long-term upward trend. Or we could see a huge by-in caused by FOMO on the next big bull run.
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