The chart above show what Bitcoin has been doing since we have hit our low in February. The first uptrend finished with a retracement making higher low. Since then we have been on the second uptrend channel which started its retracement (retracement 2). However if to look at the Retracement 2, we retraced to 7900 USD price range making the third higher low, however if to draw the trend for Retracement 2 we can see that Bitcoin has left this trend and is looking for its way up again.
However I predict to see a pattern which is typical for Forex trading and is called 'Slingshot Reversal Pattern'. to identify this pattern we should identify our support and resistance for now. The resistance which we were not fully capable of breaking was 8600-8700 USD price range and our support is at 8300 USD so we well see price playing between this resistance and support after what we should see downward movement breaking out the support price however this will be a false breakout where the price should hit the Uptrend 2 channel at the price range of 8150-8200 USD and after this we should see the Slingshot and price movement upwards. If this pattern gets confirmed by breaking out the support I would wait till it hits a low price and starts moving up and set my buy at any price higher than 8200 USD as it has to move higher than the support to confirm this trend.
In Forex trading, after a Slingshot Reversal Pattern is confirmed the price is expected to move back to the same price range, in other words go back playing between the Support and Resistance however that is not what we expect from Bitcoin because Cryptocurrency trading is not Forex trading. My prediction for Bitcoin during the next days is that we will move down and hit the Uptrend 2 after which we should see Bitcoin moving up with small retracements on its way, and the next price zone where we might see the third retracement should be 10500-12000 USD.
Good Luck, Traders!
P.S. As not all of my trades are here and I am willing to help more people, my trading ideas for premium users will be coming soon... Website should be ready in couple of weeks. Difference between my premium forum and others is that, I will be giving 5 weekly trades (long term/short term), every premium user will have the chance to ask me for analysis of any 3 coins weekly, online chatroom where premium users can reach to me 24/7, every week analysis on Bitcoin. There will be a limited number of members as I want to help as much people as I can but there is a limit to how much people I can help. The point of this forum will be to guide through this new market which is quite speculative with its whales and bears and all we have to do is follow this pattern to make profit and that is what we are going to do! ASHANTI!
"MONEY IS VALUED CAUSE YOU VALUE IT, LONG LIVE BITCOIN"
However I predict to see a pattern which is typical for Forex trading and is called 'Slingshot Reversal Pattern'. to identify this pattern we should identify our support and resistance for now. The resistance which we were not fully capable of breaking was 8600-8700 USD price range and our support is at 8300 USD so we well see price playing between this resistance and support after what we should see downward movement breaking out the support price however this will be a false breakout where the price should hit the Uptrend 2 channel at the price range of 8150-8200 USD and after this we should see the Slingshot and price movement upwards. If this pattern gets confirmed by breaking out the support I would wait till it hits a low price and starts moving up and set my buy at any price higher than 8200 USD as it has to move higher than the support to confirm this trend.
In Forex trading, after a Slingshot Reversal Pattern is confirmed the price is expected to move back to the same price range, in other words go back playing between the Support and Resistance however that is not what we expect from Bitcoin because Cryptocurrency trading is not Forex trading. My prediction for Bitcoin during the next days is that we will move down and hit the Uptrend 2 after which we should see Bitcoin moving up with small retracements on its way, and the next price zone where we might see the third retracement should be 10500-12000 USD.
Good Luck, Traders!
P.S. As not all of my trades are here and I am willing to help more people, my trading ideas for premium users will be coming soon... Website should be ready in couple of weeks. Difference between my premium forum and others is that, I will be giving 5 weekly trades (long term/short term), every premium user will have the chance to ask me for analysis of any 3 coins weekly, online chatroom where premium users can reach to me 24/7, every week analysis on Bitcoin. There will be a limited number of members as I want to help as much people as I can but there is a limit to how much people I can help. The point of this forum will be to guide through this new market which is quite speculative with its whales and bears and all we have to do is follow this pattern to make profit and that is what we are going to do! ASHANTI!
"MONEY IS VALUED CAUSE YOU VALUE IT, LONG LIVE BITCOIN"
Note
BUY NOW, WE HIT THE UPWARD TREND, STOCH RSI is super oversold we should be looking on our way up nowGood Luck, Traders!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.