BTC/USD - Buy Opportunity
Updated
Bitcoin having some great movements lately that I've tracked perfectly so far!. Now, in my last analysis I predicted a correction which was to a support zone between 7120 and 7000. This is still my opinion however I have al;so discovered another small zone which could be intact, and that is between 7320 and 7140. This zone is a great level which was previously the support zone of price action previously creating the last impulse and also resistance on the corrective move, meaning this zone is obviously a pivot level we can rely on to make a structure swing trade.
Price so far has just kind of limped beyond the support zone mentioned, but with no real strength at all and it's pretty weak. I think price could have a small pop and then correct into the side-wards support line and the support zone at around 7280 which is a great biting point for a buy, which we should watch. Until price either completes the correction or goes up and retests support zone top and runs, there is no trade here. We must wait for resolution of the current move before it's worth jumping in.
2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it. :-)
Thank you for your support.
Price so far has just kind of limped beyond the support zone mentioned, but with no real strength at all and it's pretty weak. I think price could have a small pop and then correct into the side-wards support line and the support zone at around 7280 which is a great biting point for a buy, which we should watch. Until price either completes the correction or goes up and retests support zone top and runs, there is no trade here. We must wait for resolution of the current move before it's worth jumping in.
2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
Please leave a LIKE. I'd really appreciate it. :-)
Thank you for your support.
Note
A nice drop in Bitcoin! Awesome. Harder the better, could do with a washout anyway. Looks like bears are having a go, a correction from the huge up move (Probably) Will keep this analysis updated as it progresses! :-)
Please leave a LIKE. I'd really appreciate it. :-)
Note
2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated. Looks like second scenario in my analysis is in play, as quoted above from initial analysis. Nothing to worry about, it's invalidated as soon as it closes below 7120 remember! As soon as it went below 7120 you could scrap any chances of it going upward by following my analysis!
Good job to those who read the analysis properly :-)
Note
Refer to my new analysis as this analysis did not go to plan at all! :-)Let’s hope for more luck in the new post !
Thanks for your support.
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