Well done to everyone who followed my previous Bitcoin analysis. I was the only trader on the site to predict the up move so I'm glad my followers are following my rule of trading what you SEE and not what you THINK and you would have also caught the trade!
We made some serious money on this trade, and I'm happy to be in a position where I can help so many of you guys profit in the markets as I do!
I'm glad to be your one stop shop for all your Cryptocurrency analysis needs !
Swiftly moving on, here we have BTC/USD on the 8H chart!
BTC/USD has been trading upwards since a downside correction paused on 10th April and began to correct. Price was recently trading within a structure before breaking out side-wards resistance at 7740 in spectacular style yesterday, putting us in a significantly profitable trade. In my previous analysis you will see I predicted a structure breakout move at around 6.5, and since then we've made 20% profit on Bitcoin .
Price broke the side-wards resistance, which we can now view as a possible new support. When price is testing the support it will make a strong higher low perfect for this trade. A 3 wave would be the best set up for this trade, as we are taking advantage of direct market impulse rather than opportunist trading.
I am expecting Bitcoin to continue successfully breaking out. Before this, price will likely retest one of two support levels before the up move.
This trade could play out in 2 days, I have outlined these below:
-Price retests the side-wards support line at 7540, before bouncing off to the upside to an upside target of 9030. Price could break even higher if there is enough momentum behind the up move.
-Price breaks lower, and does not retest the side-wards and instead retests the horizontal at 6620, and goes to the upside at a later stage, before reaching it's upside target at 9030.
Bare in mind, that price could move a lot further than the targets outlined above. The target above is merely an obstacle for price action as it is the previous swing high and a horizontal resistance.
If price retests the sidewards support line and bounces, this would be a very sign, as we could clearly be in a 3 wave pattern, which would perfectly work off of the sidewards resistance. ESPECIALLY if there is a strong type candle at the side-wards support, this would be 10X better for a reliable buy opportunity.
I will updating this analysis if it receives more than 40 likes.
I only see the top 12 or so ideas. So.
Yes, noticed that, but it's fine. That's still a good swing.