Bitcoin (BTC) analysis thread

momo3HC posted:




Hi all.
Well, Bitcoin dropped 3% from the last week and around 7% from it`s high at the beginning of this one. Is it so bad? I don`t think so! Why? I`ll show you below so don`t freak out but zoom out.

Last week daily chart VS this week possible re-charting (chart1)
Last week I was talking about an ascending triangle and 2 (or even 3) possible scenarios. At the beginning of this week all seems like scenario A is in play until the decline that came from nowhere. My personal opinion is that both the peak to $12500 and the drop to $11400 are just a fake moves if we`re looking at this ascending triangle chart. That`s why i`ve tried to ignore it and search for another pattern and almost immediately I saw the ascending channel (trend). A perfect one. Which pattern from this 2 you`ll use is your decision but at this moment i`m 70:30 to the ascending channel (trend).

Weekly chart (chart 2)
Here are 2 things to say. The 1st one is that this chart was initially made at 28.06.2020. Look at the green arrows which are pointing the possible price move. Even I was surprised how accurate are they till now. The most important thing here is the newly added fibo retracement from the last summer 14K top to the corona drop to 3.8K this year. What can we see? A beautiful fibo golden pocket between 10K and 10.5K. This 10.5K sounds familiar right? So what`s the conclusion here? That`s even if we fall far below this ascending triangle or if we fall below this ascending channel, then we have a REALLY STRONG support at 10.5K and even a bit below this (around 10K).

Actual PA situation:

Support and resistance:
Support:
1st support - $10500 – last MAJOR resistance.
2nd support - $9000
Resistance:
1st resistance - $12100-12500 – almost the last bigger resistance before the clear skies, accordingly to VPVR. You saw where we stopped this week – exactly at $12500.
2nd resistance - $14000 – the last resistance before the 20K test I can say (the last top + VPVR). Somewhere between 1st and 2nd resistance is $10K, which can act as a support too cuz of the psychological level.
10 EMA – the price is still above it even without a touch of it.
21 EMA - the price is still above it even without a touch of it.
Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
Parabolic SAR – Another bullish week and there`s 17 weeks bullish signaling (despite this week`s red candle for now).
Weekly pivot point is $11708,01.

That`s all for now and like i`ve said it before – these corrections are healthier than you think.
See ya next time.

FXOday posted:
BTC price today $45,672.73, drops .3.13%, the next possible support maybe $44k, in this month expected the price still move on range $40k and $50 price level, looking for low price to hit the market

sharabela posted:
BTC is approching 38K. This is the level, where the price had a strong bounce earlier. The level may hold the price and push it towards the North. Meanwhile, the bear is going to dominate in Bitcoin.

sharabela posted:
Bitcoin seems to have found its support at the up trending trendline's support. The daily chart shows that the price has been heading towards the North. I assume it may find its next resistance at the last swing high. It means there is enough space for the price to move towards the upside.