BTC/USD - Signs Of Momentum
Updated
Hello traders,
Here we have BTC/USD on the 4H chart.
BTC/USD has completed a correction move recently, and has since began rallying to the upside, which I predicted in my previous analysis and we have got the move (See my related ideas for details of this analysis)
After the upside pop, I have a slightly different perspective to my analysis. Since price broke to the upside, it has met a side-wards resistance at 14620. The candlesticks are showing strong upside momentum, and there is a good chance price has the strength to breakout. This isn't to say it is a guarantee of a new up trend, but is certainly reassuring after the big drop seen in Bitcoin recently.
I believe that price has found a true bottom, that BTC/USD will eventually break out to the upside, breaking the sideways resistance, and going back to it's upside again.
There is 2 ways this trade will play out, I have outlined these below:
-Price successfully breaks the side-wards resistance at 14620, and travels to the upside. This scenario would be much preferred if price successfully retests the side-wards resistance level as a new support. It would be even better if price successfully retests the resistance channel, and the horizontal support zone highs at 13150. If price confirms at both support levels, this will be a much more reliable up move if it retests both support levels, rather than just 1.
-Price stalls at the side-wards resistance level at 14620 and retests the horizontal support zone before eventually breaking the side-wards resistance at another time.
In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis.
I will be updating this analysis if it exceeds 40 likes.
Here we have BTC/USD on the 4H chart.
BTC/USD has completed a correction move recently, and has since began rallying to the upside, which I predicted in my previous analysis and we have got the move (See my related ideas for details of this analysis)
After the upside pop, I have a slightly different perspective to my analysis. Since price broke to the upside, it has met a side-wards resistance at 14620. The candlesticks are showing strong upside momentum, and there is a good chance price has the strength to breakout. This isn't to say it is a guarantee of a new up trend, but is certainly reassuring after the big drop seen in Bitcoin recently.
I believe that price has found a true bottom, that BTC/USD will eventually break out to the upside, breaking the sideways resistance, and going back to it's upside again.
There is 2 ways this trade will play out, I have outlined these below:
-Price successfully breaks the side-wards resistance at 14620, and travels to the upside. This scenario would be much preferred if price successfully retests the side-wards resistance level as a new support. It would be even better if price successfully retests the resistance channel, and the horizontal support zone highs at 13150. If price confirms at both support levels, this will be a much more reliable up move if it retests both support levels, rather than just 1.
-Price stalls at the side-wards resistance level at 14620 and retests the horizontal support zone before eventually breaking the side-wards resistance at another time.
In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis.
I will be updating this analysis if it exceeds 40 likes.
Note
Fresh analysis posted on BTC/USD and XRP/USD!See my TradingView profile page for both of my latest analysis.
Note
Brand new BTc/USDT analysis posted on my TradingView, See my profile page for my latest idea with my thoughts on BTC/USDT!
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