Updated

bitcoin buy opportunity at 6870

Hello fellow crypto enthusiasts.. as we can see from the chart, bitcoin is following this parallel channel for the next couple of days. that's not the only reason why i think it'll rebound on 6870 though... the 50MA on the one daily chart will provide support at the exact same price.. Now keep in mind, this will be the low from now as bitcoin will rebound from that price... but it won't be long before it tests the 50 ema support again and FAILS.. so i put a limit buy at 6870 and will keep my trade open for a day maximum.. this trade will probably be at least 4% profit.. afterwards, expect a continuation to the downtrend :)
this is the daily chart.

and the 1 hour chart confirms the bottom of the channel.

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i forgot to mention that the sell order will probably be around 7300 or less... depending on other factors that'll be determined later. and stop loss around 6690

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i just spotted a possible hidden bullish divergence. This further supports my idea of a rebound on 68xx level. RSI needs to make a lower low (land on purple trendline) and price needs to follow that purple trendline as well (higher low)
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(Daily chart)

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if we visit 7030 again in the next 25 minutes, this was a bear shakeout and the short term uptrend will start now. i doubt that'll happen but just a heads up :)

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price is attempting to rebound of 6880. 10 dollars off of my limit buy order :/.
there's only one way to confirm if the rebound has already begun.. price needs to pass 6972 and close a 5 minute candle over the 20 EMA (in red)

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MOMENT OF TRUTH

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i bought.

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lmao i cancelled the order! the indecisiveness is real! too much going on right now, and i have to sleep.
i'll just leave my money out and we'll see how it goes in the morning.

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current price is 6980. so i didn't miss out on much.
As anticipated, the price broke out in the 5 min chart but that just showed that the price would stabilize for now, and maybe gain 50 to 100 dollars max. the real breakout is happening in the next HOUR

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in the 1 hour chart, passing the 20ma ( in red) will give the push to 7300 i was talking about.. which is happening Now

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Then 7300 will be resistance in the 4 hour chart. and we probably won't pass it. but you never know.. so i'll update you guys then!
i just bought with all my money at 6990

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slowly but surely! :)

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best case scenario is a small drop to confirm a hidden bullish divergence on daily.

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but i still can't tell if it will drop that small drop to around 6800, or if it will resume its uptrend now.
we are losing support on 15 min, and 30 min charts. so in 25 minutes if we don't regain support i'll assume a small drop is still in play.

or if we can close a candle over the 200ma (blue) on 5 min chart, that ought to do it. MACD is closing in, lets see.

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looks like the uptrend will start on monday

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mmm is it just me or did we just create a double bottom on 6890 ? if so, that's a very interesting development! the result could be very profitable $$
price rebounded very nicely and is now at the 7k's again :)
#ride_the_waves

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watch for a break of the downtrend channel at 7010. The double bottom might help with this. lets see... if it breaks, buy and hodl till 7.3k

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keep in mind though, look at the bigger picture.
if we don't break this small downtrend channel. we will head to our pre-determined low of 68xx. So im really zooming in right now, but the general direction is still up (short-term). Im just trying my best to maximize your profits. if we don't break this small channel. sell and buy at the lows of 68xx :)

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this level to be percise

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we broke out :)
now wait twelve minutes to confirm this isn't fake. then buy
keep in mind.price has to stay over 7010 now to confirm that we aren't dropping to 6800

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too much sidways movement is making this market lose sense of direction! im just going to wait and buy when the time is right.. of course i'll make sore to tell you guys before.. but for now, abdallah out

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this has to be it!! otherwise this market is crap

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volume is confirming... I BOUGHT. let us see

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it makes so much sense... but as i mentioned before, the longer this break takes, the lower our first target will be. as a result, now i put a sell order at 7160, instead of 7300. As this is right before a very nasty zone on the 4 hour chart that i doubt it will pass.

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please leave a like, and post your opinion below..

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bull flag... COME ON BITCOIN

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target reached .
congratulations for everyone that followed my analysis. i put a limit sell on 7160. the high was 7162, and current price is 7130 :).
#ride_the_waves
according to my analysis, this should end the upward correction, but who knows.. the fomo factor in this market is insane! i'll update you guys as soon as i have enough information.
Please leave a like if you appreciate my calls.

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before i go to sleep, i will leave you guys with these scenarios.
First, this is a possible rising wedge that signals the end of the uptrend.
also price will stay relatively stable for a while to cool down RSI on 4 hour chart and bring down the resistance to my selling price (7160) to start pushing the price down.

Also the 200 ema is being tested as support right now at the 15 minute chart... so it fails, that will confirm my view

goodnight

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And THAT'S how its done :)

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price is dropping just like i said it will.
i'll make a new analysis to try and find the bottom now. lets see.

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personally i think that small increase in price was because of how strong the 6800 support is. the price started rebounding on 6880, which is what i said would happen in the title! But that's not the big rebound everyone was talking about though. if you remember, alot of analysts suspected reaching prices of 7700 as a short-term upwards correction. Well, i have good news, that scenario is still in play and actually makes alot of sense right now. As you can see from my daily chart, the hidden bullish divergence that i mentioned two days ago has not yet been fully completed.the RSI needs to drop more. so reaching a low of 6880 was not enough to signal this bullish divergence.... As soon as price hits 6800, that should be good enough. which is why i am putting a buy order at 6810. as at 6800, there is the Fibonacci retarcement line, and 50 ema support on daily chart.

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RSI should drop today to keep this perfect rebound at play. the longer it takes, the higher the support will go, which will ruin the perfect alignment of the support with the fibb. signaling a rather unpleasant resistance.

abdallah1234

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abdallah1234