Hello Traders! CTDave here again with another daily price analysis chart.
Today I will be analyzing BTC again. After nine red weeks BTC started showing some hope, but is it going to last?...
Long Term Analysis:
If we take a look at the 200-period EMA (the little pink squiggle below the price), then we would see that BTC just barely touched it and retraced. Also, a look at the RSI shows that BTC has been almost oversold.
Now, if we look at the thick orange sloping lines, we would see that BTC is forming a downward breakout triangle. Then, there is support indicated by the red thick line down on the bottom.
The blue arrow indicates the price as I see it would go. First, it goes up to the orange resistance then down to the red support after which, it breaks out the breakout triangle up to the ~$50k level. The $50k level presents strong resistance which is why the blue arrow reverses after hitting it.
Then, BTC goes down to the demand zone at ~$18k as shown by the orange rectangle. If the price stays there, then BTC might have a bullish reversal like the green arrow shows, if not, then it will go down to the very strong demand zone at ~$10k where we buy. By the time BTC reaches that point, the start of a new 4-year cycle will begin.
Unfortunately, the bull run that we all have been waiting for in 2020 has not happened. But if the price reaches $10k then that would be a very great opportunity to buy. By the time BTC goes down to $10k or $18k, the next bull run would be around the corner.
Quick Thoughts:
Possible reversal up until ~$50k and then after that a huge dump to ~$18k or even ~$10k which are the demand levels. Expect a reversal at that point to a new ATH!
Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
Today I will be analyzing BTC again. After nine red weeks BTC started showing some hope, but is it going to last?...
Long Term Analysis:
If we take a look at the 200-period EMA (the little pink squiggle below the price), then we would see that BTC just barely touched it and retraced. Also, a look at the RSI shows that BTC has been almost oversold.
Now, if we look at the thick orange sloping lines, we would see that BTC is forming a downward breakout triangle. Then, there is support indicated by the red thick line down on the bottom.
The blue arrow indicates the price as I see it would go. First, it goes up to the orange resistance then down to the red support after which, it breaks out the breakout triangle up to the ~$50k level. The $50k level presents strong resistance which is why the blue arrow reverses after hitting it.
Then, BTC goes down to the demand zone at ~$18k as shown by the orange rectangle. If the price stays there, then BTC might have a bullish reversal like the green arrow shows, if not, then it will go down to the very strong demand zone at ~$10k where we buy. By the time BTC reaches that point, the start of a new 4-year cycle will begin.
Unfortunately, the bull run that we all have been waiting for in 2020 has not happened. But if the price reaches $10k then that would be a very great opportunity to buy. By the time BTC goes down to $10k or $18k, the next bull run would be around the corner.
Quick Thoughts:
Possible reversal up until ~$50k and then after that a huge dump to ~$18k or even ~$10k which are the demand levels. Expect a reversal at that point to a new ATH!
Thanks for reading!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
