BTC/USD - Live Update
Updated
This analysis very much attaches itself to the analysis I posted yesterday, and could be considered a part 2. (See related ideas below for more information regarding this analysis.) Yesterday I discussed 2 nice levels where we could look for a long opportunity. The first of which, seems to to have failed to ultimately hold it's own and price did go below it. Besides this support, I also let you all know to look below there at the structure support level.
After some eagle eye analysis, I realised that the structure support on the pattern in my previous analysis actually perfectly coincides with the finishing of a minor 3 wave pattern on the 4 hour chart. In other words, the structure support, and the minor 3 wave pattern on the 4 hour both land in the EXACT same place, showing this could be a pretty good support level overall.
It is worth bearing in mind however that when price hits this support, it could bounce, but will immediately be at a disadvantage. Why? Because price is below both the 50 and 200 moving averages and will need to get above these nicely for a proper move up. Despite this, the support is still a high probability bouncing area.
Had price break below the support, I'll just go back to the drawing board and start again - not bothered if an analysis in hindsight is wrong, I only care about preserving my capital.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Thank you for your support.
After some eagle eye analysis, I realised that the structure support on the pattern in my previous analysis actually perfectly coincides with the finishing of a minor 3 wave pattern on the 4 hour chart. In other words, the structure support, and the minor 3 wave pattern on the 4 hour both land in the EXACT same place, showing this could be a pretty good support level overall.
It is worth bearing in mind however that when price hits this support, it could bounce, but will immediately be at a disadvantage. Why? Because price is below both the 50 and 200 moving averages and will need to get above these nicely for a proper move up. Despite this, the support is still a high probability bouncing area.
Had price break below the support, I'll just go back to the drawing board and start again - not bothered if an analysis in hindsight is wrong, I only care about preserving my capital.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Note
Price just kind of walked through the side-wards resistance without any real impact or momentum action.This just simply tells me that we are't there just yet and need to wait a bit longer.
I'll keep this analysis updated had it receive sufficient attention :-)
Please leave a LIKE. I'd really appreciate it.
Note
Price has tucked in right on the 200 major moving average support. Will it hold here? Or nudge slightly further down to the horizontal/side-wards support level coinciding at 6470?I guess we will soon all find out.
Where do YOU think price is headed? Leave some charts below and let's share our analysis!
Please leave a LIKE. I'd really appreciate it. :-)
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