BTC/USD - Live Update

It's been a very hectic weekend for me as I've been completing business abroad so I couldn't post/update any of my analysis. Because of this I want to post a new analysis and update my thoughts and ideas on Bitcoin. Since my last analysis there has been some dramatic changes to investors sentiment thus, I have posted a brand new analysis so that you can see my refreshed thoughts and you can see the markets as if you are seeing the markets through my eyes. Price has been reeling ever since price broke the heads and shoulders pattern. As you can see on this chart, the resistance zone has been moved up now, and the support underneath. This is because, if you pay attention to the horizontal resistance line, it coincides with a previous resistance zone that occurred back in March at 7740. This is now the new resistance, and breaking it would put us into multiple month highs which is a great change of sentiment for Bitcoin considering the recent lows we have seen. I have noticed a lot of people are still saying "Bitcoin is still going down" and have said this since it hit it's very lowest. These are making the biggest mistake, because they've missed the early uptrend signs already due to their emotional opinions. Emotions in trading don't make any money, neither do some genius ideas and inventions... Remember that.

Bitcoin is currently trading at the new resistance at 7770 and 7960, which coincides with a strong horizontal resistance zone from March 2018. This clearly shows uptrend progress is being made. Price is going to do one of two different things now, which will define the short term future of this trend. They are:

1- Bitcoin will correct from the resistance zone, and correct back to the side-wards support level to 7420, before a bounce to the upside, hitting the resistance zone again back at 7770. When price is here, it could break out, and retest the zone as a support and have more up move (The idea will be updated in realtime if this scenario occurs as it is a complex trading scenario.)

2- Bitcoin trades higher above the resistance zone without a correction, then retests the horizontal resistance zone as a support. If this happens we can find the buy.

3- Bitcoin has a downside correction to the side-wards support line at 7420, corrects up to the resistance zone, and then use it as resistance again before breaking below for side-wards support and breaks lower to the heads and shoulders neckline level at 6940.

Bear in mind I am biased to the first and second scenario. I don't really perceive scenario 3 as realistic as it stands, but it's listed here because its a POSSIBILITY, and POSSIBILITY is what trading is all about. If you think trading is about picking a side and putting all your money into it, then only invest money you can afford because you will 100% lose it all after 6 months.

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Comentário:

Bitcoin broke resistance spectacularly! There was no pullback after the breakout so it wasn't really my preference to go long here. I will wait for a correction using my strategy and simply jump into the market. Now that the resistance is broken, I can make easy profits in this marketplace!

Price did not even take the time to correct before jumping up implying a lot of bullish enthusiasm. This is probably because of the Bitcoin ETF that will fail to happen, but the hype is profitable regardless.

Now will wait for BTC to exhaust this 3 wave, and then will be a buyer.

Comentário:

Price has exhausted the 3 wave just as predicted in my above update. With this price will now drift down and then there will be an excellent buying opportunity.

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