A follow up analysis of Bitcoin! Price is moving perfectly with our previous Bitcoin analysis, and we are waiting for the upside target to be achieved. In our previous analysis, we predicted the upside move will begin, and then it did! Now we've perfectly gaged the beginning of the up move, I am going to look for entry levels to either add to a long position, or consider a safe long position.
Swiftly moving on to the analysis, Bitcoin on the 8 hour chart is trading at nearby the 20 moving average zone between 6530, and there is a lower side-wards support zone below at 6447. I am now watching Bitcoin's movement very carefully within this zone to see if candles can show a reversal so I can be a buyer!
There's a short term lower side-wards support zone at 6447, where price could fall before the up move itself properly begins. Price remains in structure. Although a bottom has been found, there is still a lot of conflict at the lows. Anyone expecting a massive move up anytime soon will be disappointed.
Bear in mind if we hit the side-wards support line at 6447, then I perceive it as more likely that price will go the upside. This is due to price being at a safe technical level that can be taken advantage of, the whales are likely looking for a level that is technically favorable.
I will continue to update this analysis if enough people request it.
Please leave a LIKE and follow, these are the reason I take my time to post my analysis!
Swiftly moving on to the analysis, Bitcoin on the 8 hour chart is trading at nearby the 20 moving average zone between 6530, and there is a lower side-wards support zone below at 6447. I am now watching Bitcoin's movement very carefully within this zone to see if candles can show a reversal so I can be a buyer!
There's a short term lower side-wards support zone at 6447, where price could fall before the up move itself properly begins. Price remains in structure. Although a bottom has been found, there is still a lot of conflict at the lows. Anyone expecting a massive move up anytime soon will be disappointed.
Bear in mind if we hit the side-wards support line at 6447, then I perceive it as more likely that price will go the upside. This is due to price being at a safe technical level that can be taken advantage of, the whales are likely looking for a level that is technically favorable.
I will continue to update this analysis if enough people request it.
Please leave a LIKE and follow, these are the reason I take my time to post my analysis!
Kommentera:
Price still looks relatively strong despite a red candle today. Price is showing a Doji type candle at present, and alongs it does not close below 6715, then I believe upside will continue, or at least, the bulls already holding long position won't ditch their coins.
I still see target to 7000 if momentum continues again.
I still see target to 7000 if momentum continues again.
Price is high, but it needs to remain there for actual bullish confirmation.
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