Hello crypto traders!
On the chart you can see my major support&resistance levels. You can see how strong 12 000 USD resistance level is for BTC. Bitcoin couldnt go trough it as you can see on the chart. There are two reasons for that.. first this level is generally strong level as we can see from the past (major S&R level)..second reason are bad news for BTC. One of them was Japanese Bitcoin exchange MtGox which sold Bitcoin in value of 400 million dollars in past months. On the chart we can see also that double tops were created which it self also indicated bearish direction of a price. Furthermore my dynamic S&R area of EMAs was broken to the downside so what i am expecting in the near future is that BTC could fall a little bit more, possible to 7500-6000 USD region where higher low would be created as you can see from the chart. That would be great sign for potential reverse of BTC direction. But we must also see some great news for BTC. Fundamentals would then confirmed technical analysis. Good news would get attention of smaller and bigger investors to invest into the coin. News could be for example some good technological progress related to a BTC or something similar to that. Second indicator is my dynamic S&R area that must also be clearly broken on the upside. Before that happen i cant talk about bullish trend yet.
So if you want to invest into a BTC be patient and dont hurry. Keep looking at the movement of a price and wait minimum for region 7500-6000 USD. I think price should test that region and that would be a realy good position to get yourself into a trade.
Cheers everyone and hope you like my analysis.
Crypto Jungle
On the chart you can see my major support&resistance levels. You can see how strong 12 000 USD resistance level is for BTC. Bitcoin couldnt go trough it as you can see on the chart. There are two reasons for that.. first this level is generally strong level as we can see from the past (major S&R level)..second reason are bad news for BTC. One of them was Japanese Bitcoin exchange MtGox which sold Bitcoin in value of 400 million dollars in past months. On the chart we can see also that double tops were created which it self also indicated bearish direction of a price. Furthermore my dynamic S&R area of EMAs was broken to the downside so what i am expecting in the near future is that BTC could fall a little bit more, possible to 7500-6000 USD region where higher low would be created as you can see from the chart. That would be great sign for potential reverse of BTC direction. But we must also see some great news for BTC. Fundamentals would then confirmed technical analysis. Good news would get attention of smaller and bigger investors to invest into the coin. News could be for example some good technological progress related to a BTC or something similar to that. Second indicator is my dynamic S&R area that must also be clearly broken on the upside. Before that happen i cant talk about bullish trend yet.
So if you want to invest into a BTC be patient and dont hurry. Keep looking at the movement of a price and wait minimum for region 7500-6000 USD. I think price should test that region and that would be a realy good position to get yourself into a trade.
Cheers everyone and hope you like my analysis.
Crypto Jungle