What's up traders, I hope you have all had wonderful new years celebrations.
Here we have BTC/USD on the 1H chart.
BTC/USD appears to be ready for an up move. Bitcoin has been trading sideways for a while. Recently there has been signs of a reversal at the horizontal support zone at around 12480.
There is 2 side-wards resistance levels that are currently in control of price action. There is the long term side-wards resistance line at 12760, and a smaller channel resistance at 13600. Price needs to break both of these resistances to break out of this downward spiral.
It appears BTC/USD is in a technical downtrend, but with a possibility of a bounce back soon. Price is showing a number of retests on horizontal support at 12530. Price ideally needs to pick up momentum soon in order to keep the uptrend alive.
If price successfully breaks and closes above the sidewards resistance line at 13600, I am expecting an upside move to to target of 14600.
I will be updating this analysis and providing a realtime buying signal if this gets 40 likes.
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I have posted a brand new analysis on XRP/USD (Ripple) on my TradingView profile.
Definitely one to keep an eye on. :)
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BTC/USD has gone exactly how I expected in this forecast. Well done to each and every one of you who followed this trade, and had their own trading strategy to turn this analysis into a profitable trade for yourselves.
A good start to the new year. :)
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Brand new DGB/BTC analysis posted on my TradingView profile.
Here I provide my latest thoughts, and offer potential targets to look for a profitable opportunity soon.
Check it out !
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Brand new analysis has been posted on this pair... See my TradingView profile page for the new trade plan!
Hi, You are one of the few people that are LONG at the moment. I bought in at 15,000 and was thinking of selling at a loss to rebuy at below 10,000. I am not very experienced so I was wondering if you think it would be possible to see an upside closer to 15,000?
TomProTrader
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@Fiyi77, It may well see 15000. Might take some time to pick up the appropriate momentum though.
Rob1n2
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Hi Tom,
Thanks for your analyses.
What do you think will happen next?
@TomProTrader Wish I saw your analysis earlier :) Oh well I guess having 5 bites at the cherry was enough. Having said that, I'm seeing a rising wedge forming with lower volume. This would suggest another push down over the next day or so. Target of around 13,800 support may be achievable, before continuing the up trend. The spike today was also news related to a large BTC investment from a Hedge fund.
PhillipLatchman
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Great TA as usual Tom Thanks for taking the time to share!!
TomProTrader
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@PhillipLatchman, Thanks for your compliments, many more analysis to come !
carloscash101
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I'm noobie Tom. But you look and write very professional. I'm trust in your analysis.