DLavrov

Bitcoin - 8000.00 Resistance Again but What's Next?

BITSTAMP:BTCUSD   Bitcoin / Dollar
This is the update to my previous post which you can find in the related ideas.

The price bounced from 7000.00 support zone . After a short term sideways movement, we could see a strong bullish candle and reaching 8000.00 resistance level . If we talk about the 4H timeframe, we have a structure where the price corrects the previous upward movement and makes a new movement in the direction of the primary uptrend. This structure is good for this timeframe but if we talk about the daily, the market still needs the correction and it looks overbought. Based on it, for us, the price action at 8000.00 resistance and at the previous swing highs will be very important as it can give us ideas about further market movements.

If the price bounces from 8000.00 resistance, we will get a new swing high lower than the previous highs. It can become a strong bearish signal as probably the market will be able to form a Head & Shoulders chart pattern which belong to reversal group of patterns. The lower swing high also will be a good reason for thinking about a new bearish trend based on the 4H timeframe. With such signals, we should be ready to see another falling which also will be supported by the daily market conditions.

If the price continues the upward movement after the breaking 8000.00 resistance and will make a new swing high higher than the previous ones, it will be a bullish signal confirming the upward movement to higher resistance levels. But at the same time, we will get the market becoming more and more overbought. This situation will be similar to 2017 when the price moved only upward, and it made a bubble in the market. You all know what comes next after bubbles. If you forgot, just look at the market in 2018 year.

For a stable uptrend, the best behavior will be - logical upward movements after good corrections. It will be much better to have the uptrend which is supported by the fundamental factors. I think such a trend will be much more stable, predictable and it will allow us to avoid bubbles with further fallings.

Do you want to have a stable uptrend or a crazy and unpredictable time is more suitable for you? Share your opinion in comments. Let's discuss!
I will be grateful if you support this post by your likes!

Also, as usual, on Monday, I will share with you much more details about crypto and other markets. Just follow the news!
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I agree; I added that red bottom trend line, because it wouldn't surprise me that due to the bulls crazy run now, we might actually take a dive at it;

Svara
Move looks finished .. tracking a -30% correction
+1 Svara
Hello, another video TA on bitcoin, i talk about few scenarios and thing you should look at, Enjoy !
Svara
I like your idea!

Alts including XRP, ETH, etc will perform much better than BTC.
Here's my reasoning as to why I think so:
Svara
To me, the last Weekly candle was really promising to go into the higher levels. From the past, we have had three Weekly candle close above the 8k, two of those closes have guided the price at least around 10k and just one have had a fakeout. Currently, the last Weekly candle was the fourth close above 8k and let's see how it goes, at least we have 66% probability to go higher :D

All the best!
+3 Svara
Thanks you for showing how the ma's create support zones.
Svara
Accumulation areas taking place AGAIN after the end of the bearish trend. The last time it happened was in... 2016.

Svara
Folks, be careful what Alts you invest in! Some exchanges are doing shady things and may not be around much longer. By now you should know the most recent disaster which took place with Cryptopia. People are also complaining about HitBtc now. Be careful! Your Altcoins won't be worth anything if they are only listed on bad exchanges which eventually close their doors on you. Only use exchanges with a good reputation.
+2 Svara
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