Bitcoin's New Floor At The Seven Thousand Dollar Mark?
Updated
Hi there guys! I trust you're all doing well.. It's been a while since I published an idea, but I feel we're at an important level where BTC is concerned. On the chart you'll notice the underlying blue trendline I've been looking at for quite some time now, in fact going all the back to around the middle of July 2017. You'll also notice I marked and numbered each near-perfect touch of the line. And of course we can see that if we look at the bigger picture, the price action is following a very strong, underlying uptrend. Now, I don't know about you, but I've been seeing some really ridiculous projections of BTC going to anywhere from $4,500 to $3,000 (a popular one) all the way even to $1,000 ?? However, looking at my chart, I cannot find a single indication (from a Technical Analysis point of view at least), to support the argument of these incredibly low levels. There's just not enough evidence at this point, for me to believe that the price would go to those levels AND SURVIVE AN IMPLOSION OF SOME SORT?
In fact in my honest opinion, if BTC were to fall any lower than the $6,700-ish level at this point in time, like it did yesterday, there could be a real chance of BTC Imploding upon itself. The chart simply does not support such a scenario. If anyone differs from my viewpoint AND can back it up with a solid, visual Technical Analysis explanation, I would love to take a look at it. But until that happens, here's my opinion on where things may be headed.
BTC touched a very strong, major support at around the $6,700 level (Note I'm not giving a specific number, for the simple reason that it seems charts from different sources, differ slightly when it comes to exact levels) In my case, I'm using the chart supplied by coinbase. So here it is... I believe BTC's new floor is around the $7,000 level (based purely on the very visible, underlying uptrend) - From here on, BTC would need to move above (on my chart) the $7333.00 level. That would be the first hurdle to overcome. If it stays above that level, the next significant resistance to overcome would be around $8,556 (again, on my chart) A move above $11,544 would be a strong signal that BTC has resumed it's underlying, long term uptrend. Above $12,750 we'll see a very strong bull reaction upwards. This could take a while, but from what I can see on my chart, this would be my projection going forward.
I believe this current bottom trendline will keep BTC in check and above it, from where a new climb would most likely now begin, and go to, and through the levels I mentioned above. But my honest take on things as they stand now, the $7000 mark is BTC's new major floor, and this will increase incrementally, as time goes by (at least for the foreseeable future)
Please feel free to voice your opinion if it differs completely from my projection above, but then also please back it up with some solid Technical Analysis (A chart would be great)
On the other hand, if you agree with the projection above, please let me know by just leaving your comment.
Thanks for reading, and as always, this is not any kind of trading advice, it is merely my point of view on how things have been developing. You always need to do your own technical analysis, and trade accordingly. Trading will always remain risky. Trade safely.
In fact in my honest opinion, if BTC were to fall any lower than the $6,700-ish level at this point in time, like it did yesterday, there could be a real chance of BTC Imploding upon itself. The chart simply does not support such a scenario. If anyone differs from my viewpoint AND can back it up with a solid, visual Technical Analysis explanation, I would love to take a look at it. But until that happens, here's my opinion on where things may be headed.
BTC touched a very strong, major support at around the $6,700 level (Note I'm not giving a specific number, for the simple reason that it seems charts from different sources, differ slightly when it comes to exact levels) In my case, I'm using the chart supplied by coinbase. So here it is... I believe BTC's new floor is around the $7,000 level (based purely on the very visible, underlying uptrend) - From here on, BTC would need to move above (on my chart) the $7333.00 level. That would be the first hurdle to overcome. If it stays above that level, the next significant resistance to overcome would be around $8,556 (again, on my chart) A move above $11,544 would be a strong signal that BTC has resumed it's underlying, long term uptrend. Above $12,750 we'll see a very strong bull reaction upwards. This could take a while, but from what I can see on my chart, this would be my projection going forward.
I believe this current bottom trendline will keep BTC in check and above it, from where a new climb would most likely now begin, and go to, and through the levels I mentioned above. But my honest take on things as they stand now, the $7000 mark is BTC's new major floor, and this will increase incrementally, as time goes by (at least for the foreseeable future)
Please feel free to voice your opinion if it differs completely from my projection above, but then also please back it up with some solid Technical Analysis (A chart would be great)
On the other hand, if you agree with the projection above, please let me know by just leaving your comment.
Thanks for reading, and as always, this is not any kind of trading advice, it is merely my point of view on how things have been developing. You always need to do your own technical analysis, and trade accordingly. Trading will always remain risky. Trade safely.
Note
Hi Guys! Thank you for those who have been following and agreeing with this idea/analysis. Just a quick update - BTC seems to have been gaining some momentum to pull itself up ever so slightly. Important thing to note here is that $7333.00 level I mentioned above a few days ago. BTC just crossed that level upwards a few hours ago, and is now just above that line. We may see a slight pullback here, downward, but if it remains above this level decisively, that may be good news for those who entered long positions at around the $7000.00 mark
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