Bitcoin Reloading?

bax699

Member
85 47
Looks like BTC is in a range at the moment. We got a nice push up to the top of the range, so to me it voids the H+S that people said they could see. We have since seen a drop but it has rejected right off the .236 fib level. Its most likely we will see another bear candle when this closes. Im looking for a similar price action to the previous square box like we had previously, before the next push upwards to breakout, should just be enough time for the ema's to catch up and give extra dynamic support. Defo one to watch over the next few days. GLIYF

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bax699

Member
85 47
Well last time i looked at bitcoin i was looking for a similar price action to happen in the yellow box to the previous section, low and behold we got similar price action. price came down to support and we got the push up. If you followed that was an easy intraday trade. Currently we see price sat at the top of this range, we need to breakout of here to see further move to the upside. We are creating higher lows, we just need to create that next higher high. Moving averages are giving nice dynamic support, looks to be a wedge formation so i think its only a matter of time before we see a breakout to the upside. get ready on any pullbacks to buy in. GLIYF

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bax699

Member
85 47
Bitcoin has been trading inside this mini range for a few days now. Its quite clear the bull is strong currently. Once the moving averages catch up with time then we will see the next push. but which way will it go? Ideally we all want it to go up, especially the HODLERS. My ideal scenario is for it to range across to where it meets the trend and picks up support from that, the moving average and the Fib level, that would give it 3 good confluences for a strong push. Lets wait and see. GLIYF
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bax699

Member
85 47
Looking back at Bitcoin again today and we can see price has give us a push down from the resistance level . Nothing major as we expected a drop before we get the next push upwards. As you can see it rejected just above the trend/200MA/.382 fib. Showing to me a nice support zone , i believe we will accumulate here before we get the next push to breakout the zone above. Im still holding my longs. GLIYF
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bax699

Member
85 47
Ok so the second set of waves didnt come to fruition. Weve seen a small sell off in BTC . The big things to note is that we fell through trend and also the 100+200 averages. We have rebounded right off the .382 fib level.
Price is currently trying to break back above the 200 average. We need to see this stick for any chance of a bull to remain for the near future. Its possible it could be a fakeout and collecting liquidity. Not a bad time to load up on longs, will be more confident in the bear when we break that 10K level of resistance.
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bax699

Member
85 47
Well to my surprise bitcoin did a little fakeout. Since price broke below the trend and the average i thought it was possible for us to see a drop further down. BUT to my surprise we have seen some bullish price action. A double bottom held on the .382 fib and we now see price back above the avreages, trend and we sit at some resistance. If we can rally above the resistance zone then we might be able to break 9outt o new recent highs. Which would be great for a nice bull run to start again. Im still holding longs. i willre enter if we break above and retest the zone as support. Amazing what a few hours difference can make. GLIYF
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bax699

Member
85 47
Ive entered fresh longs on bitcoin for an intraday trade. The two candle stick pattern was a signal for me to buy. We had a small drop in price then got a bullish Doji candle followed buy a bullish engulfing candle with a big bottomed out wick. Thats a big buy sign for me. Im already risk free with SL at entry currently. Looking to hit the .786 fib level of resistance, if price can hold above the moving averages here we could see out next push upwards soon enough. Hope you all caught the breakout too. GLIYF
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bax699

Member
85 47
When we step back and look back at BTC its pretty clear to see the range we have been in since May 14th. Between 10K -9K, with little moment spikes abvoe and below. But mainly we have stayed inside this range. For day traders its a fairly easy way to trade it. For me though 9k seems to now be a nice strong support level . Looks like a little channel we are currently in. You can see from the moving averages the way they have closed together the confirmation of sideways action. i think we will see a bounce from around here or a little lower at that support zone . Looking left theres alot of mess to get through. Ultimately were looking for the break of range. but when will that come? until then buy low sell high. GLIYF
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