BTC/USD - Live Update
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Posting a quick daily analysis, as I am currently in the process of moving house so I have been very busy.
Bitcoin is currently trading at a horizontal support zone between 6040 and 5930. Price could either bounce up from here to the highs, or break the horizontal support zone and break lower.
Now, for this next part I recommend you read my previous Bitcoin analysis as this part is more difficult... (See related ideas below this analysis)... If Bitcoin trades upwards now, it is likely only going to be short lived. As per my previous analysis, price is still in a long term bearish flag pattern and this measure move target has still not been achieved yet.
Now, this level has to be reached in my opinion. I believe regardless of if price holds at 6040 and 5930, it will have to eventually come down and satisfy the flag pattern. For this reason, we should watch Bitcoin's behavior in the short term to attempt to profit from small moves during this market correction.
Bear in mind that price does NOT HAVE TO STAY BEYOND THE SUPPORT BETWEEN 6040 AN 5930. This is just a level that price MIGHT stop to get some upside before the ultimate downside takes over.
Please leave a LIKE, comment & follow. I would really appreciate it.
Bitcoin is currently trading at a horizontal support zone between 6040 and 5930. Price could either bounce up from here to the highs, or break the horizontal support zone and break lower.
Now, for this next part I recommend you read my previous Bitcoin analysis as this part is more difficult... (See related ideas below this analysis)... If Bitcoin trades upwards now, it is likely only going to be short lived. As per my previous analysis, price is still in a long term bearish flag pattern and this measure move target has still not been achieved yet.
Now, this level has to be reached in my opinion. I believe regardless of if price holds at 6040 and 5930, it will have to eventually come down and satisfy the flag pattern. For this reason, we should watch Bitcoin's behavior in the short term to attempt to profit from small moves during this market correction.
Bear in mind that price does NOT HAVE TO STAY BEYOND THE SUPPORT BETWEEN 6040 AN 5930. This is just a level that price MIGHT stop to get some upside before the ultimate downside takes over.
Please leave a LIKE, comment & follow. I would really appreciate it.
Not
Price moved upwards towards the side-wards resistance line, which is exactly as we predicted in the above analysis!When price hit the side-wards resistance, price got weaker and fell into structure as planned.
Now, price has hit a short term support level and the candlestick behavior is healthy at this level, this could be the bounce level to be a buyer.
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