BTC/USD - Buy Opportunity Incoming
What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. I congratulate everyone who has been following all my Bitcoin analysis as of recent times, as you would have been in the right direction of the market every time. I am glad to be able to be a one stop shop for you guys and show you the true market conditions in my analysis!
Bitcoin is currently trading at 11298, which is the peak of a breakout that started on 26th February with a morning star signal at 9580. Price is currently at the peak of the swing leg, which coincides with a previous peak on 20th February, and I am expecting the current leg to behave in the same way as the previous, and have a corrective move to the downside.
Price is likely to have a correction at current levels. Price has hit a peak and a double top type scenario, and I am expecting a corrective move down to the side-wards resistance turned support line, and Fibonacci retracement support at 9180.
After the corrective move has finished, I am expecting Bitcoin to resume it's uptrend, eventually hitting our target zone at 17970.
Bare in mind, that a retest is very good for creating a new position, as well as keeping an old one.
I will update this analysis when I receive above 40 likes.
Here we are analyzing BTC/USD on the 1D chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. I congratulate everyone who has been following all my Bitcoin analysis as of recent times, as you would have been in the right direction of the market every time. I am glad to be able to be a one stop shop for you guys and show you the true market conditions in my analysis!
Bitcoin is currently trading at 11298, which is the peak of a breakout that started on 26th February with a morning star signal at 9580. Price is currently at the peak of the swing leg, which coincides with a previous peak on 20th February, and I am expecting the current leg to behave in the same way as the previous, and have a corrective move to the downside.
Price is likely to have a correction at current levels. Price has hit a peak and a double top type scenario, and I am expecting a corrective move down to the side-wards resistance turned support line, and Fibonacci retracement support at 9180.
After the corrective move has finished, I am expecting Bitcoin to resume it's uptrend, eventually hitting our target zone at 17970.
Bare in mind, that a retest is very good for creating a new position, as well as keeping an old one.
I will update this analysis when I receive above 40 likes.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.