The Bitcoin charts are changing and the BTCUSD pair might be looking to retrace... But we have multiple scenarios that can play out, so let's take a look at those and where are the relevant resistance and support levels. We start with the chart as it is now: Bullish Bitcoin : Bitcoin (BTCUSD) made a strong bullish move and grew by 35% from the 28th of July...
Let's take a look at Bitcoin weekly... Our analysis while looking at the weekly time frame/scale; one week per candlestick... Feel free to hit like now and let's get started... Bitcoin Weekly Chart Analysis by Alan Masters Brown dashed trendline: 1) First, let me call your attention to the dashed brown line above. This week candlestick is challenging...
that said i think this trend line is strong resistance until proven otherwise . on HTF too btc is just revisiting the broken support as heavy resistance . RR is favorable towards shorts .
You can see the chart. There's nothing to explain. Go long with a tight stop loss below the trend line.
some trend lines clubbed with oscillators & trend analysis on HTF works like magic ... we cant rely entirely on this ...but still they work with exceptional probability .
triangle formation with hidden bullish divergence on 1h + support on 11380 ... good to long , at best risk reward ... stop must be tight @ 11250 only , dont want to keep loser running . but if this doesnt break 10665-10710 range ...then more down turn .
longing from 10585 ..good support zone & neckline on swing top ... can get a little bounce here , i expect it to reach 10860 ...that is my TP . overall i m bearish of this price action on HTF .
check the daily & weekly - bearish trend reversal , if weekly .... doesnt close above 11890-11920 , seems improbable bcaz DJI forming hidden bullish diversion on daily, i m considering DJI as an inverse poarameter . ..in btc price action . not only this daily is closed below 11880 giving price action more bearish tone .
REFLECTED BACK FROM INCLINED (YELLOW) TRENDLINE ...OSCILLATORS PEAKING OUT ..A LITTLE COOL DOWN IS EXPECTED, NEXT MAJOR SUPPORT $10750 . SO SHORTING HERE FOR A QUICK PROFIT . STOP @11480
If this daily candle closes above 10400 , it will create double doji's with tails inverted to each other& this will create a bull scenario for rest of week , that would lead to double doji's with inverted tails & will be bullish case for weekly too .
if this resistance zone holds & price retraces from here ..we will see 9200 -9300 for sure , but if this resistance zone got broken prepare for 10800 . i m shorting this zone with a stop of 10450 .
SCALP LONG -MAJOR SUPPORT TRENDLINE(GREEN) & HORIZONTAL(RED) CAN GIVE A QUICK BOUNCE TO 10450 . OSCILLATORS IN OVERSOLD ON 15M,30M,1H TIME FRAME.
PRICE HITTING MAJOR SUPPORT AREA WITH SMALLER TIME FRAME OSCILLATORS R IN OVERSOLD AREA ALREADY , GOOD TO MAKE LONG TRADE HERE ,BEST RR HERE .FIRST RESISTANCE SHOULD BE TAKE PROFIT AREA FOR 50% QUANTITY . 50% BECAUSE HAVE TO WAIT TO SEE BREAKUP OR BREAK DOWN FROM THERE .
As u can see this DIP has touched the major support (denoted by red line) ..& since its 3 days remaining to monthly candle ..i expect another bounce till 12600 .
hidden bullish divergence again on 15m,30m & ...going t be on 1h soon ... i expect a breakout in $btc in next 24 hours
gettin out of shorts & longing $btc - hidden bullish divergence on 4h & 1h , that is too on support . little late to spot it , but i think this time $btc will make new high 11500 atleast , stop loss @10740.
BITCOIN WEEKLY REACHING MAIN RESISTANCE ZONE 11150-11500 , SHORTING HERE WITH A CLOSE WATCH , WITH FUNDING COST FOR LONGS REACHING SKY HIGH , I DOUBT THIS RALLY WILL GO BEYOND 11500 , BUT BTC IS FULL OF SURPRISES , LET'S SEE FINGER CROSSED.