Short Term Bitcoin Price Analysis. So, Bulls Are On?
Updated
Currency Pair: BTCUSD
Time Frame: 1H
If you read my previous analysis you will find we are not at the bottom yet. I am going to explain the upcoming situation here step by step in brief.
Here 'A' point denotes the 5k wall and 4.8k,4.5k,4.4k are 'B', 'C', 'D' onwards.
Look at the chart right now. The possible scenarios :
Rejection from B level will lead us to the C level.
If Bitcoin faces strong and active support at C level it confirms the 'X' wave.
Rejection from A level will lead us to the B level. At this point, B level must be a major support. If B level actively remains huge support it will confirm the 'W' wave. But breaking this support level will make a hard blow to the C level.
Breaking C level anytime confirms we are heading to the D level. At this point, there will be a huge sell pressure.
Breaking D level anytime confirms 'Y' 'Z' wave.
At this time I am sitting on the sideline and watching the market closely. I am waiting for the conditions that I have mentioned at the B and C level. Although market is growing green today there is still a huge possibility of 'YZ' wave. Reasons :
Several dropping of OI on Mex.
Massive growing SPI on Finex.
Breaking of 4.2k massive support level on Coinbase at M1 time frame.
In short, take care of your capital. Wait for the buy confirmation at 'B' or 'C' level. Till now this is not safe to get into the market.
Let me know what are you thinking which way we are heading in the comment section. If you find my post useful please hit the "Like" and "Follow" button. Remember an analysis is not a financial advice.
Time Frame: 1H
If you read my previous analysis you will find we are not at the bottom yet. I am going to explain the upcoming situation here step by step in brief.
Here 'A' point denotes the 5k wall and 4.8k,4.5k,4.4k are 'B', 'C', 'D' onwards.
Look at the chart right now. The possible scenarios :
Rejection from B level will lead us to the C level.
If Bitcoin faces strong and active support at C level it confirms the 'X' wave.
Rejection from A level will lead us to the B level. At this point, B level must be a major support. If B level actively remains huge support it will confirm the 'W' wave. But breaking this support level will make a hard blow to the C level.
Breaking C level anytime confirms we are heading to the D level. At this point, there will be a huge sell pressure.
Breaking D level anytime confirms 'Y' 'Z' wave.
At this time I am sitting on the sideline and watching the market closely. I am waiting for the conditions that I have mentioned at the B and C level. Although market is growing green today there is still a huge possibility of 'YZ' wave. Reasons :
Several dropping of OI on Mex.
Massive growing SPI on Finex.
Breaking of 4.2k massive support level on Coinbase at M1 time frame.
In short, take care of your capital. Wait for the buy confirmation at 'B' or 'C' level. Till now this is not safe to get into the market.
Let me know what are you thinking which way we are heading in the comment section. If you find my post useful please hit the "Like" and "Follow" button. Remember an analysis is not a financial advice.
Note
It was slightly pushed up from C level. It wasn't a hard pull back from there which only could confirm the 'X' wave. Pressure of selling is increasing. Alts are not looking good right now. Some bad news like huge possible liquidation of digital assets are ongoing. Massive SPI is growing each minutes passing by on Bitfinex. OI is dropping on Bitmex. This isn't a good sign. It's a red flag.
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.