Bitcoin analysis first 45500 then 31000 USD
Dear Friends
Here is an analysis of Bitcoin in a slightly longer term. More zoomed out to avoid the intraday noise on a 4 hour chart.
The main thing we see here is the inverted head shoulder formation formed at about a month. The longer the period the more reliable the pattern.
Also very important is that we see a pattern of higher tops and higher bottoms. This became a reality when we broke through the neckline of the HS. We now see a re-test of the neckline of the inverted head shoulder formation. Everything still looks perfectly normal. The price has not fallen below the neckline which is a strong resistance.
POC (point of control) lies at 39000 USD. Interestingly, the POC over the entire period from the climax drop on May 19 is now at 37000.
The range in which we have been for a month now is between 41500 and 30000. A break above the range takes the price target to 45568 and a break below 30000 takes the price model to 28-25-20000 USD.
Specifically:
I expect a continuation of the uptrend with a target of 45500 USD but for this to happen the neckline must hold. A stop loss for LONG, I would put at 36350 or the ascending ultimate support trend line.
The two targets 41000 and 45500.
See also the previous post about Bitcoin where we see the MA 50/ 200 and other details.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Here is an analysis of Bitcoin in a slightly longer term. More zoomed out to avoid the intraday noise on a 4 hour chart.
The main thing we see here is the inverted head shoulder formation formed at about a month. The longer the period the more reliable the pattern.
Also very important is that we see a pattern of higher tops and higher bottoms. This became a reality when we broke through the neckline of the HS. We now see a re-test of the neckline of the inverted head shoulder formation. Everything still looks perfectly normal. The price has not fallen below the neckline which is a strong resistance.
POC (point of control) lies at 39000 USD. Interestingly, the POC over the entire period from the climax drop on May 19 is now at 37000.
The range in which we have been for a month now is between 41500 and 30000. A break above the range takes the price target to 45568 and a break below 30000 takes the price model to 28-25-20000 USD.
Specifically:
I expect a continuation of the uptrend with a target of 45500 USD but for this to happen the neckline must hold. A stop loss for LONG, I would put at 36350 or the ascending ultimate support trend line.
The two targets 41000 and 45500.
See also the previous post about Bitcoin where we see the MA 50/ 200 and other details.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Operación activa:
Dear Friends,
Bitcoin corrected to exactly the 0.618 Fib level before rebounding. This is still the test of the Inverted HS neckline.
We see that this is at the same level as on June 13 when a large fund also bought up Bitcoin.
Without volume, you know 50% less. It is the large parties that are driving this market.
The price moved also outside the small intradya bullish wedge.
The bullish picture still remains until the stop is hit of course. That is also fine then we buy at an even lower level with even more bullish potential.
Always price when you use a stop.
Dear friends, Share your thoughts, prognosis and idea's please.
Wish you good profits!
Bitcoin corrected to exactly the 0.618 Fib level before rebounding. This is still the test of the Inverted HS neckline.
We see that this is at the same level as on June 13 when a large fund also bought up Bitcoin.
Without volume, you know 50% less. It is the large parties that are driving this market.
The price moved also outside the small intradya bullish wedge.
The bullish picture still remains until the stop is hit of course. That is also fine then we buy at an even lower level with even more bullish potential.
Always price when you use a stop.
Dear friends, Share your thoughts, prognosis and idea's please.
Wish you good profits!
The stop has been hit at 36349 but how to proceed?
We see 2 important things.
1. The 12 hour RSI has a support trend line.
2. We have a retracement of 0.618 Fib over the big move. I will show this in a new post.
As long as we do not drop below the previous swing low the bullish picture can improve significantly. Does the price drop through this level then we will enter the lower range with target 30000 - 31000 USD