Bitcoin: Key Structure
The vast majority are still bearish on BTC, mainly due to structures on the lower timeframes indicating further downside. Taking a step back and analysing the 4h chart, it provides a different outlook.
Straight away we can see many similarities in the way price has been moving since March 2018. Trading within clearly defined descending and ascending channels, with price reacting nicely at the upper and lower limits.
Once the low was established at the beginning of April (2018-04-01) price experienced a bounce to $7,500 followed by a decline and this is where the rally began. Price moved from the lows of $6,500 to $7,200 to retest resistance, followed by a short-term pullback and an aggressive breakout.
This extent of this move was an approximate 54% increase, this marked the first major correction of the move from $11,700 to $6,500. It measured at the 0.618 retracement which aligned with the ascending channel resistance, marking a key turning point in the market.
Now looking at more recent price structure, we've broken out of the descending channel and currently trading at $6,540... We have yet to experience a larger correction of the move from $10,000 to $5,750.
Right now my focus is on the high at $6,850, I'm looking for price to break and close above this level... An excellent confirmation of the larger correction at play.
It's worth mentioning, when analysing BTC on higher timeframes I use a logarithmic scale, I find it far more reliable. This measures prices in the proportional amount of percentage increase or decrease, providing us a fair representation of where bitcoin was, is and could be.
Click here to view my original post on TradingView.
Don't forget to upvote, resteem and follow me for in-depth market analysis and investing education.
upvote for me please? https://steemit.com/news/@bible.com/2sysip
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Lewis Glasgow from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
@originalworks
Congratulations @lewisglasgow! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word
STOP
Do not miss the last post from @steemitboard:
Congratulations @lewisglasgow! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!