Bitcoin view @ 28-05-2020
Updated
I would say that the (US$)10,000 resistance seems to be strong atm and need to be taken out decisively with a close above the 11,000 to validate itself, to make it more probable that we can be in an uptrend then not, and that it will not be another bull trap.
Around the 9,100 it was broken a few days ago and made it probable for a larger move down. however around 8,700 it started to consolidate and getting into a non binary state where to go to which signaled a stalling motion imo and went back above the 9,100 to get out of this state.
But the same can now be true for the upward direction and this made me determine that the range is between this 11,000 and 9,100 for now.
Whichever level will be broken is thus imo the direction it probably can go to deeper. i.e. towards the upside i do not know because the gap is relative high towards the 20,000 level (for now) but most likely 15,000+.
Towards the downside it makes it possible to go below 7,500 (new rel. strong resistance area) all the way towards 5,500. The 5,500 - 6,500 ranging area you could argue to add more BTC to your long term hodling goals.
Please like, comment and take a look at my weekly trade ideas in BTC-USD and LTC-USD.
Happy trading!
Dan
CryptoDesperado
Around the 9,100 it was broken a few days ago and made it probable for a larger move down. however around 8,700 it started to consolidate and getting into a non binary state where to go to which signaled a stalling motion imo and went back above the 9,100 to get out of this state.
But the same can now be true for the upward direction and this made me determine that the range is between this 11,000 and 9,100 for now.
Whichever level will be broken is thus imo the direction it probably can go to deeper. i.e. towards the upside i do not know because the gap is relative high towards the 20,000 level (for now) but most likely 15,000+.
Towards the downside it makes it possible to go below 7,500 (new rel. strong resistance area) all the way towards 5,500. The 5,500 - 6,500 ranging area you could argue to add more BTC to your long term hodling goals.
Please like, comment and take a look at my weekly trade ideas in BTC-USD and LTC-USD.
Happy trading!
Dan
CryptoDesperado
Note
The points described previously are still valid and seems to hold as indicated. Looking at time cycles and volume cycles analysis I would suspect a range change into a trend direction beginning 16 June up to 9 July. Most likely upwards but still also possible downwards if the previous stated levels are not holding.
time cycles are very erratic if important news alerts are occurring within the said timeframe.
Note
We are now one week further (June 19) from latest update and all is holding as previously written.Also, no interference from erratic news sources to make the time cycles projected distorted and invalid.The 9,100 blue support line has been held twice again indicating the validity of the defined support level to be still valid.
The buyer vs. sellers looks still to be balanced with slight upward bias. indicating the higher likelihood of a breakout to a upward trend beginning with previous mentioned time period: 16 June up to 9 July. For now now changes in the Bitcoin view post dated 28-05-2020. I do not trade using this information. I do trade actively the XBT-USD and LTC-USD on Kraken futures myself using my own trading experience and insights. I trade around 4 trades per month on a 4 Hr. tf.
Discuss, follow and like!
Happy trading.
Dany
CryptoDesperado
Note
We are now one week further (June 26) from latest update and all is holding as previously written.Also, no interference from erratic news sources to make the time cycles projected distorted and invalid.The 9,100 blue support line has been held twice again indicating the validity of the defined support level to be still valid.
The buyer vs. sellers looks slightly changed towards a more down ward bias but still balanced in the set volatility range. This changes slightly the perceived idea of the likelihood of a uptrend and making a downtrend to start also still possible in the set out time frame, which i previous mentioned to be: 16 June up to 9 July. This is small update of the changes in the Bitcoin view post dated 28-05-2020. I do not trade using this information. I do trade actively the XBT-USD and LTC-USD on Kraken futures myself using my own trading experience and insights. I trade around 4 trades per month on a 4 Hr. tf.
Discuss, follow and like!
Happy trading.
CryptoDesperado
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