Bitcoin has been trading down strongly after the flag pattern breakout confirmed on 22nd June, price is now in wave 3 of the flag pattern, and shall the measure move target be hit, then Bitcoin will continue to the downside to the support level which also coincides with the Fibonacci extension level at 5360. When price arrives at 5360 target, there is a possibility of a new bounce in Bitcoin which might see Bitcoin move higher.
As price has descended, a side-wards resistance structure also formed and is proving to be a large influence on price by keeping price down when there is a retest of resistance structure. there is a small structure support at 5790 which could also be a small bounce for Bitcoin so it is worth watching this level to see if there is any type of bounce here.
Bear in mind that the flag pattern completion at target at 5360 is conditional because if price breaks above the dotted side-wards resistance line on my chart then it could mean there is a change of trend for the time being, and the flag measure move target may not be achieved.
I will continue to update this analysis if enough people request it.
Please leave a LIKE and follow, these are the reason I take my time to post my analysis!
As price has descended, a side-wards resistance structure also formed and is proving to be a large influence on price by keeping price down when there is a retest of resistance structure. there is a small structure support at 5790 which could also be a small bounce for Bitcoin so it is worth watching this level to see if there is any type of bounce here.
Bear in mind that the flag pattern completion at target at 5360 is conditional because if price breaks above the dotted side-wards resistance line on my chart then it could mean there is a change of trend for the time being, and the flag measure move target may not be achieved.
I will continue to update this analysis if enough people request it.
Please leave a LIKE and follow, these are the reason I take my time to post my analysis!
Komentarz:
A lot of people saying "This idea was invalidated", well how? Please read the text in the analysis, this is key to understanding analysis better, and to help your learning.
Price so far has bounced at 5790 and gone up to the upside, perfectly in line with my analysis, so well done to everybody who's been successful and actually read my analysis :-), we are now in a profitable trade.
I'll quote my analysis one more time for everybody, I assume people misunderstanding my written analysis don't have English as their first language because it's written very simply, so I'll spell it out as quoted:
""""there is a small structure support at 5790 which could also be a small bounce for Bitcoin 3.37% so it is worth watching this level to see if there is any type of bounce here."""
This simply means, if price hits 5790 and bounces UP, then we can go long on support. IF price broke below 5790, then we can wait for Bitcoin to hit the downside flag target before becoming a buyer.
The saying goes "Trading without reading makes you blind".
Please leave a LIKE and follow, I'd really appreciate it :-)
Price so far has bounced at 5790 and gone up to the upside, perfectly in line with my analysis, so well done to everybody who's been successful and actually read my analysis :-), we are now in a profitable trade.
I'll quote my analysis one more time for everybody, I assume people misunderstanding my written analysis don't have English as their first language because it's written very simply, so I'll spell it out as quoted:
""""there is a small structure support at 5790 which could also be a small bounce for Bitcoin 3.37% so it is worth watching this level to see if there is any type of bounce here."""
This simply means, if price hits 5790 and bounces UP, then we can go long on support. IF price broke below 5790, then we can wait for Bitcoin to hit the downside flag target before becoming a buyer.
The saying goes "Trading without reading makes you blind".
Please leave a LIKE and follow, I'd really appreciate it :-)
Komentarz:
Looks strong at the highs. Will it manage to hold a sustainable high or will it need to correct?
I will be updating this idea as this move progresses.
Happy Sunday! :-)
I will be updating this idea as this move progresses.
Happy Sunday! :-)
""There is a small structure support at 5790 which could also be a small bounce for Bitcoin 3.51% so it is worth watching this level to see if there is any type of bounce here.""
If you saw it bounce at the 5790 but missed that, then the easiest thing for you to do was to see if it broke the side-wards resistance level which if broken, I said would lead to bullish movement, as quoted:
""Bear in mind that the flag pattern completion at target at 5360 is conditional because if price breaks above the dotted side-wards resistance line on my chart then it could mean there is a change of trend for the time being, and the flag measure move target may not be achieved.""
If you had watched at this level as I recommended, you'd now be in a very profitable trade, so well done to people who took the time to read this analysis and make some profits.
Please leave a like and follow. :-)