I posted a BTC/USD analysis a week ago, and the dynamics of the trade have changed now, hence I am eager to update this idea.
At current, price is trading at 8520, supporting on the 20 moving average, and the 20 moving average is above the 50, suggesting a legitimate bullish presence.
Price will now likely test the moving averages and use them as a new support level. Coupled with the fact we have a minor structure support, we could see price go to the upside target at 12130.
I am expecting Bitcoin to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, thatI am predicting a longer term bull presence.
I will update this analysis when I receive above 40 likes.
@TomProTrader With all due respect Tom, this is very deceptive situation if we look at the bigger picture.
Bitcoin has state of perpetual downtrend since December 17th.
Maybe you should possibly reevaluate your analysis, because with non complete picture given can lead us to totally opposite direction (becoming bullish), which is wrong from this point and in these market conditions.
I hope you don't mind if i post my own analysis here.
I m bearish, not beacuse i m bearish all the time, but judging by my analysis, we are bearish with reason Tom.
Have a nice day and lots of profit.
Regards.
TomProTrader
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@milanjelic, I'm glad you said bigger picture, because mine is just a few days.
I've been in and in over 2,000$ per bitcoin so far. My analysis has served me well, and for you to say an impulse that has overextended already to fail at a leg level where you could have bought early is perfectly acceptable to me.
To tell me an idea (Which has not been invalidated in anyway whatsoever) is "deceptive" is actually quite silly. All traders (of which are professional) should know that all ideas are valid, until invalidated.
You said you're not analyzing with your emotions, but I believe you are. Because you totally ignored the bullish leg which was an impulse then waited for it to hit an obvious resistance to then berate my analysis.
You're allowed your own opinion of course, but to say my analysis is "deceptive" at a time that by chance, favors you, is a bit tardy and misses the point of a community base for people to share ideas.
Anyway that's just my 2 cents. Each to their own.
Wish you many profits,
TomProTrader
milanjelic
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@TomProTrader, I m sorry if you got me wrong there.
I wasn't talking about that your analysis is deceptive, it is clear, with visible drawnings and targets, so there is nothing wrong with it.
Furthemore, i do think that Bitcoin will aim for higher prices as trying to push 9500 level.
What i wanted to say when mentioning deceptive, this Bitcoin movement could be very decieving, so eventually people might end bull trapped (between 8500-9500 range) if price retraces on 7850 level.
I do respect every point of view of any analyst.
Wish you all the best Tom.
King regards
milanjelic
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Upper picture was sketch only in order to either "try to convince" people about overall bitcoin movement, but analysis would be something like this.
@TomProTrader, I agree... People have been conditioned by periods of rapid growth to freak out when the market becomes stagnant or corrects. Long(er) term BTC is still up big time. I wish I read "Hodler's Handbook" by Stella R. Lumen and Cleve R. Girl(Amazon&Kindle) before panic selling my alt-coin portfolio. Had I employed their strategies I wouldn't have had to move back in with my parents...
xastunts
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@TomProTrader, HAAAAAAAHHHH!!! (ALF from melmac laugh) "misses the point of a community base for people to share ideas". I cannot believe that someone in disguise in a welldressed suit as yours, can have the mouth to say something like this to a criticism you just have got, and yet write that huge load of a crap right after!! I have seen you posting all kinds of shit all over the place here on Tradingview. since I have been following "MPC MAGIC POOP CANNON " I have never seen him going into others TA's and unloading load of crap on their page, like I have seen you do! you must be a complete MORON after all!!
I'll still be checking your TA's, its not personally! Even a moron can make a decent TA these day's ;)
xastunts
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@milanjelic, @TomProTrader, HAAAAAAAHHHH!!! (ALF from melmac laugh) "misses the point of a community base for people to share ideas". I cannot believe that someone in disguise in a welldressed suit as yours, can have the mouth to say something like this to a criticism you just have got, and yet write that huge load of a crap right after!! I have seen you posting all kinds of shit all over the place here on Tradingview. since I have been following "MPC MAGIC POOP CANNON " I have never seen him going into others TA's and unloading load of crap on their page, like I have seen you do! you must be a complete MORON after all!!
I'll still be checking your TA's, its not personally! Even a moron can make a decent TA these day's ;)