Bitcoin Major Move Coming This Week - 3500 or 9100 ???
Hi all !!
Good day !! Hope you are doing well !!
Most of the markets have crashed a lot in the month of March. The news media is trying to relate the pandemic COVID19 infection is the cause of panic selling. This is not true. The fundamentals and technical's failed to push the market price higher where professionals (smart money) look for it to trade or invest. Lot of buddies & followers contacted me that most of my SELL/SHORT calls in my previous posts saved them from huge losses. I'm happy that i could help them and looking forward to share more posts.
Let's come to the bitcoin technical analysis. If you have confusion where the price will go, and, whether to go LONG or SHORT, don't worry; you have come to the right place.
Currently, price action of bitcoin formed an Ascending Triangle which is a bullish pattern; sometimes it reacts as a continuation pattern. We have three probabilities of price action in the next two months, but we will get the confirmation of those probability moves within a week.
Bitcoin has formed resistance zone between 6800 and 6950.
1. To push the price higher, bitcoin should break the resistance 6900 to hit my target 9100.
2. Meanwhile, when it does, watch out for a fake out move; the price many go till 7150 and come back quickly into the ascending triangle which is extremely bearish and take out previous low 3780.
3. When the uptrend support line is broken without breaking the resistance 6900, we will fall into the huge buy zone between 3000 and 4500. This is a huge range. I don't have enough data to tell the exact level. I will keep you posted in the comments section when I find the closest buy level.
For more updates, follow me here.
~RPS~
Legal disclaimer:
I am not a financial adviser. The advice here given is not a financial advice even though my excitement might make it look like such. When I say: "Buy/Sell now!" or "Do's and Don'ts" or something like that — it is my personal opinion. I do what I believe is right and at the end of the day I am just a person, not an expert. You trade at your own risk and nobody can guarantee you results. I post because I care.
Good day !! Hope you are doing well !!
Most of the markets have crashed a lot in the month of March. The news media is trying to relate the pandemic COVID19 infection is the cause of panic selling. This is not true. The fundamentals and technical's failed to push the market price higher where professionals (smart money) look for it to trade or invest. Lot of buddies & followers contacted me that most of my SELL/SHORT calls in my previous posts saved them from huge losses. I'm happy that i could help them and looking forward to share more posts.
Let's come to the bitcoin technical analysis. If you have confusion where the price will go, and, whether to go LONG or SHORT, don't worry; you have come to the right place.
Currently, price action of bitcoin formed an Ascending Triangle which is a bullish pattern; sometimes it reacts as a continuation pattern. We have three probabilities of price action in the next two months, but we will get the confirmation of those probability moves within a week.
Bitcoin has formed resistance zone between 6800 and 6950.
1. To push the price higher, bitcoin should break the resistance 6900 to hit my target 9100.
2. Meanwhile, when it does, watch out for a fake out move; the price many go till 7150 and come back quickly into the ascending triangle which is extremely bearish and take out previous low 3780.
3. When the uptrend support line is broken without breaking the resistance 6900, we will fall into the huge buy zone between 3000 and 4500. This is a huge range. I don't have enough data to tell the exact level. I will keep you posted in the comments section when I find the closest buy level.
For more updates, follow me here.
~RPS~
Legal disclaimer:
I am not a financial adviser. The advice here given is not a financial advice even though my excitement might make it look like such. When I say: "Buy/Sell now!" or "Do's and Don'ts" or something like that — it is my personal opinion. I do what I believe is right and at the end of the day I am just a person, not an expert. You trade at your own risk and nobody can guarantee you results. I post because I care.
Trade active:
Scenario 2 is playing out. Bitcoin rallied till 7200 and fall back into the Ascending Triangle again. This is extremely bearish, given that bitcoin will not break 6900 resistance. SHORT!!
Trade active:
Bitcoin held 6600 support very well. It has been testing the resistance several times and moving sideways which is bullish. The breakout is very soon. Possibly tomorrow; if not, definitely within a week.
Trade closed: target reached:
Price reversed exactly from 10370 resistance.
