Long

Important Levels BTC April

Updated

Important levels are outlined in the chart
-50 day moving average
-100 day moving average
-200 day moving average
-downtrend line from all time high

If these resistance are broken I would expect another bull run, possibly extending to a new high, I will make a new chart based on reaction at resistances

I still think drop to as low as 5k can result in a bullish 2018 for BTC, and in fact I am expecting this outcome

Note

finder.com.au/goldman-sachs-a-bitcoin-selloff-now-threatens-to-drop-bitcoin-6000
Forgot to post this link which refers to the leaked targets for Goldman Sachs clients looking to invest in Bitcoin. Sheba Jafari did call for new low if this area did not hold, however, every technical analyst is now watching to see if this double bottom Adam and Eve pattern holds.

Note

pressure from 50ma has come into play, this is probably the most bullish scenario, retrace to top of the GS Sheba range to fuel push towards larger resistance at downtrend and beyond

Note

BTC in red, LTC in grey, LTC has started kicking perhaps we'll see this play out for BTC as well, though I still think a bounce off the GS Sheba's range is likely

Note

stuck in cloud, making bart head, didn't pump like LTC overnight, these bart heads have not retraced fully in past, still waiting for wave 4 completion, lowest I think drop from here out of cloud to bottom of GS range at 7.2k

Note

gonna take some bull effort to keep bear div from popping up, let's see if 50ma can be challenged in next candles

Note

monthly pivot orange, daily pivot yellow, 200ma yellow

Note

the fibo comes from the start of the longterm log trendline, lots of convergence up here at 10k, could be a big short, watching closely

Note

but on shorter tf this looks like a bart head, so the 786 could be a retrace target

Bobby_Petrino

Related publications

Two Potential BTC Future Paths

by Bobby_Petrino

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.