Technical Analysis on Bitcoin: Waiting for a Breakout
Bitcoin is consolidating within a wedge. I’m preparing for a possible breakout, in one direction or another, within the next 8-10 hours.
As I pointed out in my update yesterday, I do see a possible path to $8,750. For the detailed version, watch my video update from yesterday. The bottom line is, if wave 5 is not yet complete, we could see one more push up that may play out like this:
Zooming in, if this bullish scenario played out, it might look like this:
The 4 hour Stoch RSI is oversold, suggesting a possible break up. However, the 1 day Stoch RSI is overbought...and has been for a few days now.
This could lead to a bull trap where price breaks up to test the 0.618 fib level, only to quickly be rejected.
Watch my video analysis for MUCH more detail not found above. If you’re not watching my videos, you’re only getting half the story.
If you’re viewing this on a site other than Steemit, and you don’t see the below video, navigate to Steemit in order to watch.
Video Analysis:
BIAS:
Short Term: Neutral
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
Great analysis, lets see if the continuation continues.
Thanks @rollandthomas. We should know soon enough.
I've been too busy at work today to look at the markets (staying at work tonight), but I knew I could count on you for a quick update!
Looking quickly at the 7 day sparkline only, I would suggest that an upwards break is on the cards. I find this slightly surprising as, as you know, I'm still expecting another downwards trend before the real bull kicks in.
Hope you’re not working too hard my friend.
Until btc breaks $10K, a pullback to $6K is very plausible. In my opinion, it all depends on the SEC’s decision next month. If they reject bitcoin ETF’s, obviously it’ll tank. I don’t see that happening though. If they approve ETF’s, it’s off to the races. I think the more likely scenario is they push off making a decision for another few months. This will cause a short term drop in price, while completing the ABCDE pattern I’ve been warning about. Guess we’ll know soon enough!
So far, so good!
Not working too hard, just long hours. I'm military (for now), sometimes you have to spend the night making sure something doesn't burn, flood etc
Well thanks for your service!
excellent as always...!!
Thanks @yankee-statman. You do great work yourself.
+1 for using volume profile ;)
With this new market drop what do you think will happen now? Will we go down again to sub 7k? maybe even going as far as 5.8k?
I think a drop to $6,800 is possible, but I’d be surprised to see it go below that level. So far, this looks like a healthy correction.
I tried to daytrade and ended up blowing away 40 bucks... regardless of that, this market is looking incredibly bullish imo, even ETF news aren't doing much to it... I'll only be 100% sure we are in a bull market if we get higher then 11k
I'd recommend paper trading until you get more confidence. Tradingview has a free paper trading function if you're interested.
Nice analysis, thanks for sharing.
Thanks @cryptolaidlaw
I want it to go down until next week when I get some money to buy more tron
Best of luck.