Bitcoin Rejected at Key Resistance Zone

in bitcoin •  8 months ago

BTCUSD has been rejected at key resistance in the 4800-5000 zone, printing a Bearish Engulfing reversal candle on the H4 earlier in the session:

Pair is currently testing initial support above 4700, marked by the broken wedge top. A break back inside the wedge would target the 4550-4635 support zone. There is significant risk of a much deeper correction, though I like longs in that zone regardless.

Looking for accumulation followed by an eventual break above 5000.


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We have to expect that there will be resistance approaching $5K. It's had a good run of late. I was previously long and thinking BTC would catch a bid leading up to Oct 25 as people want more free coins....but now everyone is talking about it so that enthusiasm may have run it's course and been priced in. I hate being with the herd so I traded out last night.

BIG risk of a double top formation if it fails to get through $5K so the next 2 weeks are going to be important. I personally think we might be range bound for a little while as the BTG free shitcoin crowd battles it out with the TA resistance traders....and then a big move either way once we have a winner.

If it's up then we are probably heading for a blow-off top in November to coincide with the SegWit2x fork.

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I'm anxious to see how things play out in November

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Yeah I missed out on this leg up which is more than a little annoying, was the weekend when I wanted to get in so all I could get was a dismal 3:1 position at finex,

Re: splits and coins, Finex have announced they will be listing two coins immediately after 2x, so this buying to secure extra coins thing could well continue ... That could be very interesting, it's not unthinkable that both coins will be valued ~5K at least temporarily

Has remained surprisingly well bid since yesterday's tech, daily's not hinting at a top yet ...

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We are through 5K with some power. Blow-off top here we come! This could be quite spectacular....

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Yep that was a pretty amazing surge, wish I'd just bought against the low when I posted yesterday lol got it on the break at 51

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Same. Buying after the break feels like you missed a few percent, but really it is a much lower risk trade and is the smarter play. I'm not sure what I am targeting here though as we're in virgin territory again. Maybe $7K and/or Oct 23, but if it keeps going at this rate it might be much higher, sooner.

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Yeah I often get screwed in FX buying breaks, but this space actually moves, rarely fakes out.

Pondering that my self ... it sucks: my CFD broker raised the minimum increment to 1 whole coin, so it's all or nothing. Ideally I'd take half off the table just before 6 and let the rest run, but not possible.

It struggled hard at the end there . . but I'm still very bullish on btc. Pullbacks are healthy, I just wasnt home in time to sell at the top lol and shouldve had orders set . . before I left the house

Looking like it is slowly inching its way back up to 4800 now . . but we'll see.

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Yeah the broken wedge top remains solid for the moment, may well just accumulate up here before a break higher ...

Nice to see the resistance "zone" referenced rather than an exact figure. More accurate that way. It's interesting times for the pair pre-fork. Would you agree that longer term trend is still bullish since middle of the year when the fire was lit? Seems the significant pullbacks (eg from China / Dimon news) have been healthy.

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Yeah I usually wouldn't extend the zone beyond the candle like that, but it's clear we have significant psych at 5K handle.

The zone/accuracy thing is funny - in order to become a more accurate trader, you need to stop trying to be so accurate!

And yep long term trend is still definitely up. The China correction was a little deeper and more aggressive than I would of liked, but text book stuff really - bounce right off former resistance!

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Sounds brilliant. You inspire confidence in the future mate!

Certainly a good time to buy some altcoins. Yesterday was the best time considering BTC's peak price.

altcoins should rally in the meanwhile....a good chance to offload some bags.

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Believe it when I see it ... things have been bloody dismal lately

Calling @originalworks :)
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I want to buy more, so drop drop drop!

I think is bull for the nesxt 3 mounth.6000$ COMING!!! DING DING DING

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Yeah some nice measured targets around 59/6K :)