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Tomprotrader

BTC/USD - Levels To WatchWhats up traders, I hope you've all had a good trading week. Here we have BTC/USD on the 4H chart. BTC/USD has been having a strong downside correction move after the strong upside rally previously. Price has been having a strong correction which has been highly extended, so now I am watching for levels for it to bounce. After this correction finishes, it will be ready for a nice up move. Price is currently at a key horizontal support zone between 11900 and 12800, price has began to show a potential reversal candlesticks. The candles could suggest a change of command from the bears to the bulls, and I believe the bulls could potentially capture this move if the next few candles get the better of the bears. If price fails at the current horizontal support zone between 11900 and 12800, price could move down to the lower support zone between 7400 and 8300. If price begins a reversal at the current support zone, I am expecting an up move to the structure target of 15800. If price breaks down and hits the second support zone on my chart, I am expecting a bounce to at least 12000. I have posted my other recent Bitcoin posts. I recommend looking at these so you can understand how I have came to my current analysis. I will be providing the realtime buying signal for this trading plan in the "updates" section of this idea, if this post receives over 50 likes.
BITSTAMP:BTCUSD
by TomProTrader
46
EUR/USD - Quick Up MoveHi traders, a quick one to post whilst the trading day progresses. Here we have EUR/USD on the 1H chart. After EUR/USD had a short term correction to the downside, I am now expecting an up move to my upside target of 1.1850. Me and my private FOREX signals channel have been long in this trade since 1.1780, so we are already almost 40 pips in profit with this up move. It appears price is moving in a 3 wave pattern. So I achieved my target by measuring the first impulse, and then I copied the first leg to create the second impulse move. I will be updating this analysis as it progress. Feel free to connect. :)
Long
by TomProTrader
BTC/USD - Bottom FoundHello traders, Here we have BTC/USD on the 1H chart. BTC/USD has had a correction move, after a long term upside rally, which I predicted in my previous analysis and we got the move (See my related ideas for details of this analysis) After the correction, it appears BTC/USD is ready for a new up move. Since price has hit a strong structure support, there has been signals of downtrend slowing and reversal candlesticks showing bears are losing steam. The candlesticks are showing the beginnings of a change of command from bears to the bulls. I believe that price has found a true bottom. If so, this can be a great launch pad to consider buying BTC. I am watching BTC/USD closely, and won't hesitate to make a buy if it sets up properly. I am expecting an up move up to begin, to reach target of at least 18910. If price successfully breaks side-wards support at 18910, price could extend to it's extended target at 21330. I have achieved this target be calculating the long term bull impulse leg, and applying it at current price bottom, whilst assuming price has hit a true bottom. Bare in mind, if price achieves the extension target, I believe this will be over a fair period of time. Price is still in jumble, and I expect the up move past the resistance structure to take some time. In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis. I will be updating this analysis if it exceeds 40 likes.
BITSTAMP:BTCUSD
by TomProTrader
49
GBP/NZD - Sell OpportunityWhats up traders, Here we have GBP/NZD on the 1H chart. Price recently had a correct up move after an extended down trend, and has hit a historical support between 1.9200 and 1.9250. Since price hit this level, price been showing signals of weakness. Prior to seeing price hit the horizontal resistance zone, price tested the sideways resistance channel. This was a sign of strong weakness. With this in mind, if price retested the horizontal resistance again, it would be a great short. This is exactly what has happened, and we tested the channel resistance, horizontal resistance, and also saw a double top set up. I am expecting price to begin a down move away from the resistance zone, to a downside target at around 1.9050. Due to the multiple resistance levels, the candlestick behavior at the resistance zone, and the resistance on the 200 moving average, this could be a strong down move. I will update this analysis as it progresses.
Short
by TomProTrader
2
BTC/USD - Further UpsideHello traders, Here we have BTC/USD on the 1H chart. BTC/USD had a correction move, after completing a bullish move up to the first target at 19380, which I predicted in my previous analysis and we got the move (See my related ideas for details of this analysis) After the correction, it appears BTC/USD is ready for a new up move. After price hit a Fibonacci key retracement support level at 18910, price began to show reversal candlesticks. The candlesticks are showing a change of command from the bears to the bulls, and I believe the bulls have captured this move. I am expecting an up move up to the upside target level of 21000. I achieved this target by calculating the previous bull impulse leg, and then replicating a measure move, thus having a target zone. I will be updating this analysis if it exceeds 40 likes.
BITSTAMP:BTCUSDLong
by TomProTrader
80
GBP/USD - Trading Opportunities AheadWhats up traders, I hope you are all having a good start to your trading week. Here we have GBP/USD on the 4H chart. Price has recently been rallying since price bounced on the structure support zone at 1.3300. Price is now approaching a side-wards resistance level at 1.3430. At this present moment, there is 2 primary outcomes I have in mind for the GBP/USD trade. Price can either carry on past structure resistance or break down for a correction. I have more specific information about each trade outcome below. The likely trading scenarios are: - Price breaks side-wards resistance structure at 1.3420 and carries on to the upside. If this happens, it will show bulls have strong control over the pair and we want to be buyers. I will want to see a retest on the side-ward resistance turned support structure before I considered a buy in GBP/USD. - Price completes a move to side-ward structure at 1.3420 and has a correction down move, before eventually breaking the side-wards resistance structure. This scenario would show GBP/USD to be slightly weaker than the above scenario (as it failed to breakout) but a correction within structure is natural,. It just means we might have to wait a little while longer to get the side-wards resistance breakout and the buy opportunity. A down move before a breakout might signal that a correction is required to confirm and create the necessary momentum for a structure breakout. So either scenario, GBP/USD deserves a place in the watch list. I will be keeping a sharp eye on GBP/USD throughout the week. I will be updating this idea in real time if it exceeds 20 likes.
by TomProTrader
2
Ethereum - Bullish GartleyWhats up traders, I hope you are all having a good weekend. Want to start by congratulating anyone who followed by BTC/USD trading idea that I posted yesterday. We successfully got a 1300 move from the idea. I have also posted many other BTC/USD ideas recently that have all profited too. I recommend taking a look at my previous Crypto currency analysis to keep up to date. Here we have ETH/BTC on the 2H chart. Price has recently moving to the downside. Price recently tried to recover from a correction after a bullish impulse leg, but has stalled under bearish pressure at 0.040970. Since then price has been breaking down to the downside. When it began breaking down, I began analyzing the ETH/USD chart, to find some good buy opportunities. Upon analyzing Eth/USD on the 2H chart, I discovered there is a potential Bullish Gartley Pattern in play. As it stands, price looks like it has completed the C leg at 0.040970, and has began falling. In order for this pattern to complete, we need to see a final down move to the D leg. Once we have a move to the D leg, the Gartley pattern completes and we will have a buy opportunity. I am expecting a down move to continue from the completion of the C leg, down to the D leg at 0.03050. After this, I will be looking for the buy opportunities.
Long
by TomProTrader
17
BTC/USD - Quick Long OpportunityHi traders, Here we have BTC/USD on the 2H chart. Price recently broke the horizontal resistance zone, and has now retested the resistance as a new support. Since then, price has had a short term correction to the previous horizontal resistance zone turned support. If price successfully continues to retest the previous resistance turned support, then I am expecting a minor impulse breakout move out of the resistance zone on the support retest. I am expecting an up move after the correction of the resistance turned support, and for price to move up to 19300. When price hits 19300, I am expecting a small downside move, where there could be even more buying opportunities. But I will look at these other opportunities in the future. Bare in mind that price needs to successfully move out of the resistance turned support zone before considering a position. I will be updating this analysis closely as the trade progresses.
BITSTAMP:BTCUSDLong
by TomProTrader
22
BTC/USD - Buy OpportunityWhats up traders, I hope you have all had a good trading week. Here we have BTC/USD on the 2H chart. Me and my private Crypto currency signals group have already been active in this trade since around 16400 and we all got out at 17800, so I have already monetized on this breakout move. Now I am expecting even more upside, to create another profitable move. Recently, price has been in a consolidation area. Price has recently picked up some momentum, breaking out of the consolidation range. When analyzing the 2H chart, it appears that BTC/USD is going to have a move to the upside. I believe that price will now continue to the upside, to my upside target of 20175, but before this I am expecting price to have a correction move to retest the previous horizontal resistance at (16500 and 17600) as a new support level. This trade could play out in 2 ways, I have outlined them below. -Price continues to rally to the upside to the upside target of 20175. Bare in mind if this plays out that there will likely be some corrections on the way to the upside target. -Price may retest the horizontal resistance level turned support in between 16500 and 17600 before the new up move.This scenario would be the preferred trading plan because a retest on the horizontal support indicates we have a launchpad for higher move. I am excited to see how this trade plays out. I think we could get a nice few up moves in this pair before Christmas. I will update this analysis as the trade progresses.
BITSTAMP:BTCUSDLong
by TomProTrader
11
EUR/CAD - Sell Opportunity On BreakoutWhat's up traders, I hope you are all having a good trading week so far. Here we are analyzing EUR/CAD on the 4H chart. Price recently had a downside impulse leg, and has since been correcting to the upside. Recently, the correction has slowed, and has gone more range bound, implying a loss of steam from the bulls. Knowing this, I put EUR/CAD straight onto my watch list (Knowing there was localized structure right near the level price was currently trading at) and have been watching for a set up. When I analyzed the 1H chart, it was then I discovered the sideways support channel which is encapsulating the correction. With the above knowledge, I realized one way to get into this short is to find a way to know that the long short term uptrend (The corrective upside leg) was definitely going to stall, and I needed to know also when price has officially broken this temporary uptrend. How do I do this, you ask? How do I determine when the price has officially broken this temporary uptrend? I use the sideways support channel as my indication if the short term correction up trend is finishing. Why? Because if the correction has been bouncing on support, then if it breaks, obviously the short term trend has expired! How can I determine if the temporary up trend is definitely going to stall? If you see the above analysis, you will see price hit a key Fibonacci retracement resistance level, and price has extreme weakness when it hit this level too, so this confirmed to me that this level is obviously a hidden resistance level. Further that the down move was so eager due to the massive rejection Doji told me that price was thoroughly exhausted at this level. It was likely to stall. I am expecting EUR/CAD to break the channel support level at 1.5120, and have a down side move to my target level at 1.4770. Bare in mind that price may retest the support channel as a new resistance before the down move begins. Also bare in mind that the target we have is a measure move of the previous impulse leg, making it a 3 wave move. Also, the 3 wave move coincides with previous price action structure support back in November.
by TomProTrader
7
LTC/BTC - Critical JunctureWhats up traders, Here we have LTC/BTC on the 1H chart. Price recently had a big upside rally, which has caused quite the hype in Litecoin. This is a coin I have analyzed closely since it's inception as all those who follow me will know. Looking at the 1H chart after the rally, it appears price has gone into a consolidation zone. It is gone into a very tight range since then, and now we are waiting for the move which answers the big question - Is price going up, or is it going down? Although I am not sure exactly yet. I would probably put my money on the downside. Saying this, I will always trade what I see and not what I think. Price is in a major juncture here. Whichever way price goes, it will be with an explosive move. So it's important we have some rules to safely trade Litecoin as it leaves this area of consolidation. Below I have outlined the 2 outcomes for the pair. -Price will break the support zone between 0.01784 and 0.01666 and have a steep downside correction, most likely hitting previous structure support at 0.01448000, or if the move is highly explosive, the correction to go to the steepest structure level at 0.01036000. When this mvoe completes we will look for the buy opportunity afterwards. -Price breaks above the sideways channel resistance at 0.01880000 and the horizontal resistance at 0.01980000. Once this happens there is a possibility of a strong up move which could see us go into the high 0.020000000's. Bare in mind- that whichever scenario plays out, I will be looking for the long opportunity after the move has completed regardless. I have posted my other recently posted CryptoCurrency ideas below. Please leave a like.
by TomProTrader
13
OMG/BTC - Opportunity To BuyWhats up traders, Here we have OMG/BTC on the 4H chart. Price has been having a nice up move since it had an oversold leg. Buyers have taken the opportunity to buy the oversold at the bottom and hold for a retest of at least the structure resistance at 0.00076000. On the 4H chart, price had a clear correction to the Fibonacci key retracement support at 0.00063500, and since has been up moving. Price looks like it is in a 3 wave minor move, with the correction at the resistance channel. So we have a target that makes logical sense. The recent bottom was clearly accumulation (A trend bottom and sideway movement in a tight range before an explosive move), and I plan to monetize on this with this trade. For now, the pullback has been the earliest opportunity to buy into what looks like the beginning of an at least intermediate term uptrend. I will be updating this analysis as it progresses.
Long
by TomProTrader
5
BTC/USD - CorrectionWhats up traders, Here we have BTC/USD on the 4H chart. I had so many people messaging me today, and each message said just about the same thing "Why aren't we long now?" "Price is moving near top of resistance zone, why are we not in?" "Bitcoin is going to break highs and we will miss the move". This is something I hear often and my answer is simple... Just because something looks like it is ABOUT to happen, it doesn't mean it is. Too many traders have the "roulette" mentality. What I mean by this is, in Roulette, most people (if they get a 0 for example) will now believe a higher number is coming due to them believing the game is run of some type of belief system. They are trying to predict the future with thoughts that do not made any statistical sense! It is the same with trading, just because price is nearing the resistance break, so what? It doesn't mean it's going to break to the highs, it just means it is moving up in a zone I consider non significant until broken. The risks of buying in a resistance zone are immediate. You risk buying into market noise, and not momentum, it turns around and we're out. The moral to the above is: Just be patient. What is meant to be, will be. And if you add this moral to my number 1 trading rule: "Trade what you see and not what you think" then you will become a much better trader just by taking this small piece of advice. Disclaimer: I am not claiming that price will not break out from where price is now (I even predicted this is my previous analysis). For this idea I am just focusing on what to do if the correction DOES occur, and this idea fully supports scenario 2 of my idea publish made yesterday. (See my related ideas below for my previous BTC/USD analysis. Going forward, BTC/USD looks like it is correcting at least for the short term. Price initially had some upside move, but this move lost momentum as it approached the peak of the horizontal resistance zone at 17550 to 16630. I am now expecting price to hit this level before a nice upside move. Will price break out of resistance now? Or will it correct to the above level and correct? We will soon find out. Will be updating this analysis if it gets enough attention.
BITSTAMP:BTCUSD
by TomProTrader
13
Litecoin - The Cryptocurrency Of The Future!Whats up traders, I hope you are all having a good weekend. Here we have LTC/USD on the 4H chart. Recently, price has been in a strong up move. Price has a lot of momentum to the upside at the moment.. On the 4H chart, it is clear that price will eventually correct. *Disclaimer* I am in no way implying that price will correct from current levels. I am merely showing where the likely correction areas will be when it does correct. Despite price having a big bull run, eventually it will be time to correct. I believe that price will eventually stall to one of two levels. I have considered these areas since they are: Of structure, and, they are to be reasonable expected areas of correction based on technicals on the chart. This trade could play out in 2 ways, I have outlined them below -When price is ready to correct, it will go to the downside, and seek out the sideways resistance turned support channel at 210. -When price is ready to correct, it seeks a larger correction to the downside, approaching the first major structure that LTC/USD has ever seen, at around 155. Bare in mind that I am an enthusiastic bull with Litecoin. I am merely pointing out possible correction levels that Litecoin will depend on when price lacks momentum. There is a lot of fundamentals behind Litecoin that I really like, and when I am ready with my next analysis I will be going into the fundamental logic of this trade in more detail. I will update this analysis as the trade progresses. In the related ideas, I have posted my other ideas. Please like my other content.
BITSTAMP:LTCUSDLong
by TomProTrader
10
EUR/AUD - Quick LongWhats up traders, just a quick analysis as I was passing by my charts Here we have EUR/AUD on the 1H chart. Price retested a crucial long term support zone, and successfully bounced. When we analyze this chart on the hourly, there was a nice candlestick reversal set up, the sort of set up that indicates a nice reversal. I am expecting price to to trade to the upside in a new bull impulse leg. The likely target will be 1.5760. I will update this analysis as it progresses.
Long
by TomProTrader
2
USD/JPY - Continuation MoveHi traders, I hope you are all having a nice weekend. Here is a nice trade for next weeks trading. Here we have USD/JPY on the 4H chart. Price recently had an impulse up move, and then an downward correction. The downward correction stalled when price hit the Fibonacci key retracement support level. With this in play, and knowing that we had a previous impulse leg beforehand, it is clear we are in a 3 wave up move, and that this corrective pullback is merely a pullback before the next up move to our target level of 114.40 When analyzing the pairs behavior after the long term downtrend, I discovered that price has only just broken out of a downtrend channel. The resistance channel would indicate down trend was persisting, but since we did not only break the level, we had an impulse leg out of it, it is clear there is strength in this pair, and there is a reason it is rallying. ^ This does not happen by chance. It happens for a reason. Trade what you see not what you think! Bare in mind that price could have a retest on swing low before the next move up, at around 113.30 to 113.10. I have added my other recent FX ideas into the related ideas section of this post. I would appreciate it if you could view my other FOREX content and give it a like as this motivates me to post more content. I will be updating my analysis. Any questions, feel free to connect.
Long
by TomProTrader
BTC/USD - Buy Opportunity Is NearWhats up traders, Here we have BTC/USD on the 4H chart. Price recently began a corrective move to the downside after a strong upside move. Since price has been correcting, there has been a gentle down move which I suspect will not have much steam behind it. At this present moment, there is 2 major levels I have in mind for BTC/USD for a correction. We would prefer see the correction higher as this increases the likelihood of the up trend continuing, and I have a few areas in mind. I am now putting my bets on the correction ending at latest, at 14495 The correction levels I am expecting price to hit are: - 15170 - This is the preferred correction level as this would mean price was supporting on the 20 moving average. On the previous large cyclic move, price supported on the 50. This support on the 20 moving average implies that price could be preparing for the up move, using the 20 moving average as a launch pad. - 14350 - A correction to 14350 would be the most likely in terms of probability and trend integrity. 14350 is the level which coincides with a sideways support channel and also a key Fibonacci support retracement level. This would be an excellent launch pad for price action to prepare for the new big up move. A move to 14350 would be a steeper correction, but it would retest a major structure level at the same time. I personally want to see price land on the 20 moving average and get aggressive (Which might be possible with Bitcoin futures around) but I won't count on it. I will watch the chart and trade what I see and not what I think. I will be updating this analysis as it progresses.
BITSTAMP:BTCUSDLong
by TomProTrader
15
NZD/CAD - Downside Correction LikelyHi traders, just posting a quick analysis whilst I am passing through. Here we have NZD/CAD on the 2H chart. Price recently had a strong up move, stalling at a historical resistance zone. From here there has been multiple reversal candles at the zone and I am now expecting a down move to begin to the downside. I am expecting a correction to either the horizontal support zone at 0.8810, or the sideways channel support at 0.8790 level, before there is any other up move. This correction is definitely worth a trade as the correction is likely to be steep and the Risk to Reward is very easy find. In all trading scenarios I tested for this pair trade, I got at least 1:2.5 Risk To Reward. Bare in mind that price might have a minor retest to the above resistance zone at 0.8905 before the down move begins. I will be updating this analysis as it progresses.
Short
by TomProTrader
EUR/USD - Buy Opportunity On the HorizonWhats up traders, Here we have EUR/USD on the 4H chart. Recently, price has been in a strong down move. Price has recently lost a lof of the momentum that caused the bear run. On the 4H chart, it is clear that price is correcting after some downside. Despite price having a sheer downtrend, it is time for it to correct. I believe now that price will drop and retest the sideways resistance channel as a new support and/or retest the horizontal support level before the new up move. This trade will play out in one of 2 ways. -Price continues to rally to the upside to the upside target of 1.1890. Bare in mind if this plays out that there will likely be some corrections on the way to the upside target on this, and smaller time frames alike. -Price may retest the channel previous resistance turned support at 1.1740 before the upside. It could also equally as likely test the horizontal support zone between 1.1730 and 1.1700. If price tests both the horizontal support level and the sideways channel support this will be even more reliable.
by TomProTrader
4
NZD/USD - Sell OpportunityHi traders, I hope you are all having a nice weekend. Here is a nice trade for next weeks trading. Here we have NZD/USD on the 2H chart. Price recently had an impulse down move, and then an upward correction. The upward correction stalled when price hit resistance on multiple major moving averages, and hit a key Fibonacci retracement resistance level. With these 2 resistance levels converging and creating a dynamic resistance level, it is clear there is quite the resistance ceiling here, and I am expecting price to fall from this level. As well as the resistance ceiling proving that downside is likely, now we need to prove that not only is there circumstantial evidence that price could fall, but also physical evidence. I decided to study the chart closely and I discovered an important development, which provides physical evidence of downside move. See below: When analyzing the pairs behavior after the down impulse and correction, I discovered price action created a support channel as the upward move was taking place. The support channel would indicate up trend after the down move if it holds. However, the support channel was broken, right where the resistance ceiling was found. ^ This is not a coincidence. It is going down. There is 2 ways this trade will likely play out. I have outlined both trading scenarios below, as well as pointing out my preferred scenario. Price breaks down from current levels, all the way to the target level on my chart at 0.6760. Price breaks down, but beforehand, it retests the previous support channel as a new resistance channel to confirm the downtrend. If price uses the previous support channel as a new resistance, then this confirms the down move and resistance ceiling are definitely in play and having an effect on price action. Bare in mind that however price decides to achieve my downside target at 0.6760, that price will likely have impulse legs and pullback structures in smaller time frames as the move progresses (As you would expect in a healthy trending move) Also bare in mind that we want to see dollar continuing in it's current path to support this trade. A major move in Dollar current trend would effect this trade collaterally. I have added my other recent FX ideas into the related ideas section of this post. I would appreciate it if you could view my other FOREX content and give it a like as this motivates me to post more content. I will be updating my analysis starting when next week when the trade is active. Any questions, feel free to connect.
Short
by TomProTrader
2
XBT/EUR - Buying OpportunitiesXBT/EUR looks like a long opportunity on the 4H chart. After analyzing this pair, I discovered price appears to be moving in patterns. Price seems to have an up move, support on a moving average, have a corrective structure right at cycle target, and then have a new rally, exceeding the previous cycle by 2000. Using this logic, I was able to predict and plot the next move up on the chart. I have calculated each cycles move by measuring the amount of points moved up after the corrective structure. After I found there was an cycle + 2000 expansion move after each corrective structure at cycle expiry, I was then able to replicate a cycle + 2000 points to see the future direction of the instrument. I have broken down each point of my analysis below, and explained it in full detail below. Each new cycle is the sum of the previous cycle + 2000 = new cycle. Price has been in a long term uptrend. Price like all up trends has been having the basic principles of any uptrend: Impulse leg; a corrective leg; and a new impulse leg. When analyzing these is when I discovered price is moving in cycles. The rule of the cycles is that XBT/EUR has an up move, then a corrective structure, and then a move which is the measurement of the previous cycle + 2000. Each time there is a move which is "X cycle + 2000", a new cycle is formed. Using the above logic, cycle #3 is now formed. There are some points about this analysis that I have provided below to increase your understanding of my analysis. Price supports on the 50 moving average for the first 2 cycles and relies on the 20 moving average for the third: This indicates that XBT/EUR is having it's final leg, and using the lowest moving average as support. After this the rally to upside will expire. Price has corrective structure before easy new cycle begins: If you analyze my chart, you will see price has a corrective structure (Of a similar measure size to previous cycle corrective structures) before the new cycle begins. If you analyze my chart, you will see I have outlined corrective structure on my chart for each cycle, and we are clearly at the final corrective structure for Cycle #3 to begin. Lack of over expansion: Now, for most traders, this will be hard to swallow and accept. The uptrend is NOT overextended at all!!. Despite price moving so much (1000's of percents) the price is still following the rules of a perfectly normal uptrend!. Due to price supporting on the 50 moving average for first 2 cycles then the third cycle is the 20, it shows the up trend has healthily expanded, and is now using it's final wave (The smallest sustainable moving average) to support price. The support on the 20 would tell me that price is on the last leg of the the trend cycle which is euphoria. When euphoric buying takes place, there will be a very extended up move! This move will be a very steep buying area and will hit target quickly. As soon as cycle #3 completes, the up trend literally expires and then price is free to roam as it wants to. (I would predict huge downside correction) Bare in mind we need to see price stay at the higher levels for this to even be an active trade. Watch this chart very carefully before considering a position. I will be updating this analysis as it progresses.
Long
by TomProTrader
3
ETH/BTC - Downside ExpectedWhats up traders, Here we have ETH/BTC on the 1H chart. Price recently had a down impulse leg, followed by a corrective leg. The corrective leg recently stalled at 0.5 Fibonacci retracement resistance, and price has since made lower lows. Price was correcting in a support channel structure, however the structure has recently broken and price began showing reversal candlesticks, implying a breakdown of price. Price used 20 moving average as resistance, showing that even if the down move is intermediate (Since the 20 moving average is the smallest) it will be enough to break structure, ride the dollar dysfunction, and still deliver a profit anyway. I am now expecting a down move in this pair to the target outlined on my chart at 0.016000. I will update this analysis as the trade plays out.
Short
by TomProTrader
9
BTC/USD - Steep CorrectionWhats up traders, Here we have BTC/USD on the 4H chart. Price recently began a corrective move to the downside after a strong upside move. Since price has been correcting, there has been a strong down move. At this present moment, there is 2 major levels I have in mind for BTC/USD for a correction. We would prefer see the correction higher as this increases the likelihood of the up trend continuing, but this might not be possible as price action currently looks like it will fail at the preferred correction area. I am now putting my bets on the correction ending in the support zone (correction level #2) at 11880. The correction levels I am expecting price to hit are: -14100. This is the sideways resistance level turned support. A retest on this level would confirm the long term uptrend resistance is broken and not Bitcon can trade freely without structure restrictions. It currently looks extremely weak and I do believe that if price breaks below 12900, then this structure has definitely failed. For now, it could still retrace, but I wouldn't hold my breath. -11880. This is the last major structure support that Bitcoin had. This level is a strong support and will likely be the level that will catch Bitcoin as it tumbles. I am putting my bets on this area being the level where price bounces and begins a new upside move. A move to 11880 would be a steep correction, but it would retest a major structure level at the same time. So we want to see this happen. If price breaks this level it could show a lack of integrity in Bitcoin uptrend. I have also tagged my other recent Cryptocurrency ideas in the related ideas. See the related ideas at the bottom of this post. Please give all my content a like as it motivates me to continue posting. I will be updating this analysis as it progresses.
BITSTAMP:BTCUSD
by TomProTrader
17