As you know, I have been studying BTC/USD for some time.
Price recently broke a minor (Yet significant technical) resistance level at 11820. Price has moved nicely since the breakout, and now I am expecting an up move to the target level of 13580.
Our target is based on a measure move of previous bullish impulse leg and the successful breakout of the structure resistance. The measurement target also coincides with sideways resistance, and Fibonacci extension target level. Knowing this, we now have a very probable and robust target for price to achieve. Price has had a nice run since posting, and I am expecting impulse to continue as per.
The above is just half of the analysis. There is more.
Recently, BTC/USD has been neglecting and leaving behind ALL of the support levels that have been thrown in front of it. This has resulted in obviously a massive price increase, but also a belief that Bitcoin is something not to be reckoned with and is here to stay.
Looking back on the chart, there was recent horizontal support levels for Bitcoin at: 8400, 9100 and most recently, 10900.
All of the above support levels have been completely left behind every time. All of these support levels were never used (Despite having a massive mode which is a compelling support ceiling) and price just ran away to the highs anyway.
Only the most recent support at 10900 has been used as a legitimate support level. Now, even with this happening, BTC/USD used it briefly, and went to the upside.
With structure being constantly left behind, and price gradually using legitimate technical rules such as structure support/resistance etc, we can now see Bitcoin might have had its rally to it's desired price and now price is stabilizing.
With price stabilizing at such high levels, it is hard to argue with the facts. Bitcoin is in an uptrend, and is now stabilizing. Especially with the technical stabilizing we have seen, it is hard to deny that there is a real possibility that the trend seen now could be here to stay, and there could be much more to come.
评论
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All updates on this idea are in my latest TradingView post!
On my new idea, I go into detail about Bitcoins expected corrections before continued upside.
Here's an update folks. BTC is now 14400. No one knows when it will stop or what it will correct to. People who said it would stop at 13500 now say it can also stop at 20000. Don't sell this thing.
neonsurge
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Any updates?
TomProTrader
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@neonsurge, Price is moving well towards target. When it hits target I will consider updating this analysis.
khoianh
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@TomProTrader, Thanks Tom, as there is a big difference in prices from different exchanges, which exchange do you often use when you refer to the target price?
khoianh
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@TomProTrader, Thanks Tom, as there is a big difference in prices from different exchanges, which exchange do you often use when you refer to the target price?
I believe once price hits it's target of 13500, it will have a correction move, most likely to 11500 level.
After hitting 11500 level, I am expecting an up move again. But I will wait for the chart to tell us what to do when the time comes.
hedgerowtrader
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@TomProTrader, We're almost there at 13500. If it corrects all the way to 11500 we're golden
TomProTrader
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@hedgerowtrader, Price is about to hit the target. It will be really interesting to see what happens at that level.
What I would love to see is a correction to do 11830. If that happens I will be eagerly searching for a buy opportunity.
hedgerowtrader
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@TomProTrader, In my naivete, I fear it will rise to 14500 and correct to 13500 lol, before rising to 18K tomorrow. We are reassured that what goes up must come down but with BTC it seems the lows are way higher than ever.