This recent move really doesn't concern me as all of the technicals on the higher timeframes still indicate the uptrend is intact.
As you can see from the the support which I presented in my previous analysis on market cycles is still holding, price has returned to this daily support at $8,360.
As many of you know I use a logarithmic scale when analysing cryptocurrencies (just in case you are confused about the appearance of my charts).
I suggest anyone who has not read my coverage on bitcoin they do so now.
I'm always asked by my followers "when will we see price return to 20k?" or "when will btc moon?"
This is why I've placed my prediction for $20,000 on the charts which in my opinion will occur in the last week of April going into May, as long as we stay on track, if my opinion changes I will let you all know. Never be stuck with one opinion and fail to see the errors in your own workings, I'm an open-minded trader that analyses all potential risk.
There is one point I would like to correct and that is people who continually say "BTC is rising on falling volume" and there is some truth to that in comparison to previous trading years but if you look at the you can see the average has been increasing steadily since Jan 2017.
Taking a look at the weekly chart below we can see that the average is quickly approaching the highest average during 2014, I believe we will pass this area this year when BTC creates a new all time high. The current trend in represents steady growth just like the shown on the .
Below is the weekly chart showing basic price structure with the daily support and the lower support on the weekly.
If we did see any major downside for bitcoin this is the chart I would refer to, however, I do not see this happening.
To finish off this analysis here is my view on the 4h chart, we can see that price increased by 99% followed by a 21% correction, then a 26% increase creating a formation which caused the decline of 28% to the low of $8,360 which formed at the 1.272 projection.
Price is now re-testing resistance, pay close attention to this level for short-term direction, failing to close above would indicate another move back down to the daily support .
That's it from me, I hope you all gained value from my analysis.
Don't forget to leave a like and comment below with your opinion on Bitcoin .
As you can see from the chart above price returned to support at the early hours of this morning which was quickly accompanied by a reversal and rising volume.
Price is now re-testing the same resistance level at $9450, the one that failed to break yesterday upon the initial test of the daily support trendline.
I will be waiting to see a solid close above $9500 on the 4h chart before I can be certain on short-term direction. If we do see this happen I expect price to trade within the range of $9450 to $11700 short-term until we see a breakout to the upside.
More updates to come :) I'll be sharing more analysis on Telegram for everyone as well.
My main focus is the trading range between $9450 and $11700, I expect bitcoin to hold within this area. Two other point I want to make is the resistance trendline measured from the all time high and the support trendline measured from the all time low.
These will be key areas to focus on going forward, for now we are looking for BTC to hold above support at $9450 and push higher into the trading range.
Taking a look at the daily chart we can see that we lost support mid-March, price dropped to $7360 which was followed by a re-test of the broken trendline.
Price is currently trading at $7970 with a lot of uncertainty. The two main areas of interest for me are the lows of $5900 and $7360.
The 4h chart shows the overall decline from $11700 to $7360 is 37% and if this level is lost we will see price return to the area at $5900 at an overall decline of 49% from the high.
Sentiment is bearish for now, we still have a lot of ground to cover if we want to see BTC trading above $10k.
There is a promising short-term trading opportunity on the 1h chart, once the pattern completes the 15m and 4h chart need to be analysed further to confirm the move higher.
Pay close attention to candlestick formations upon confirmation of the PRZ.
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Thank you for the support, I really appreciate that!