Bitcoin is now trading right at the top of the side-wards resistance, and appears to be showing strength right at this level! 4 candles back there was an impressive pin bar candle which appears to completely decimate the bears and shows a genuine bullish buy back. I know someone will say "But tom that candle looks like a hanging man therefore you're an idiot", yes, thanks username Troll420NoScope, I am aware of this. It is what happened after the hanging man that interests me. Price supported on the 20 with the hanging, then on the 50 with the hanging body and following candlesticks.
There's 2 scenarios that will play out for BTC now.
1) BTC will break above 6780, and then retest the side-wards resistance line as a support. This is a terrific buy opportunity, especially if there's a rejection candle on the retest, it would show some enthusiastic bulls are in the marketplace wanting more action.
2) BTC will correct lower, having a candlestick close below 6540. this'd indicate bearish downside, but it isn't worth shorting it, as the correction will likely be volatile and unpredictable, and riding all the way to the lower support zone in one swing would be far from certain.
I favour the long scenario here if it appears. If scenario 2 does play out, it's at your own risk that you take it, as I perceive some risks. Despite this, things change in trading in a heart beat and I could change my mind on this. Let's see how it goes for the time being.
All depends on this small defined range guys. Be patient.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Price is nicely falling from the downside from the exact level predicted at the side-wards resistance. Price looks extremely weak especially on the last candle close which shows we're coming down with little mercy.
We could potentially test that horizontal support if things continue like this. I kind of knew it was going down in my heart since the resistance was huge, but I ALWAYS look at both sides of the trade. That's the entire point of TA. :-)
Please leave a LIKE. I'd really appreciate it. :-)
Man, you are always drawing obe arrow up and one arrow down „looking at both sides“. So, you are always right afterwards.
I appreciate the philosophic yin and yang approach but this is not very enligjtening.
And boring
shayous
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I think its not OK that analyze in two ways, u should select one of the positions, not both f them,
NickPadovani
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@shayan_1375, I think you're a fool for saying this, and this is the reason you won't ever grow as a trader. He offers to analyses because he's explaining the two potential directions. No one is going to spoon feed trading for you, buddy, plain and simple. If you don't like his analysis, you can always give your own a shot and see how you do ;)
Allow me to share my View on BitCoin (25 Sept 2018)
In the longer term, all cryptos including Bitcoin are in Downtrend.
But for now, I am expecting a possible swing back till it meets decent strong resistant.
$6,770 is a strong resistance level and it shall be retest again.
NOW, I suggest you, not to rush into LONG but wait at the strong support level.
Since I am long on BTC/USD, I love seeing all the short and down predictions in the comment section. The big fish gotta eat more than the sardines, therefore it is when most call down that we go up and vice versa.
TheAlphaTrades
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Thanks for your objective outlook
Great stuff, my friend!
In today's BTC analysis I discuss 6800 top | Weekly price flipping | Sideways ranging here could break down to 6500s:
I appreciate the philosophic yin and yang approach but this is not very enligjtening.
And boring