DO NOT FOMO - NO BULL RUN YET.
CryptoAST BTC USD Breakdown
On our last breakdown of BTC/USD given on the 24/04, we stated that BTC should start to see an ascend to 9,500$ from a live price of 7,518$ at the time. Now, we stated that we expected for price to drop from the 9,500$ level back down and we kind of saw this on the first swing at 9,500$ but price saw only rejections into the 8k price regions. However, we indeed saw a crash to 8,524$ before support was found for the 9,500-9,634$ price level to be broken.
Please DO NOT FOMO and up buying BTC at an overvalued price rather than getting a bargain!
Now, we will conduct another breakdown of BTC to re-assess the situation with BTC currently trading at 9,923$:
- We will firstly begin to analyse the monthly chart and it can be seen that We are at downtrend line resistance in a descending channel. Skipping to the weekly chart, we can see that BTC broke above the 9,634$ resistance level and we have gone on to test highs of 10,000$. If we take a look at momentum indictors on the weekly chart, we can observe that on both RSI and RSI/ROC, we can see that areas of bearish tendency have been broken to the upside and there is continued upward buy pressure at the minute.
* If we switch our chart from the XBT chart to the BTC chart, we can observe that the above is true on the weekly and we have broken resistance fan structure at 9500$. Now, the nearest resistance fan trend line is 11,600$ all the way up to 12,000$. In the case that we see continued sideward movement, we can make highs of 13,093$ on the weekly chart. A break of the 13,093$ level will indicate that longs to 19,533$ are acceptable without considerable risk. If we see a break above 10,500$ only then can we be sure that we will see bitcoin make highs of 11,682$ & 13,093$ at the minimum. A break below the 8,524$ level will indicate that we are back in bearish territory of the descending channel.
- We will now analyse the daily chart for XBT and BTC pairs. We can see that for BTC down trend line resistance was broken at 9.5k along with fan trend line resistance in blue. Once we take a look at our momentum indicators, we can see that both RSI and RSI/ROC are at resistance levels and are due to drop in price before anything occurs. The price level to which we will see a rejection to should be around the 9k price level and once again if we see bearish price action below 8,524$ then we can state that this was all a FOMO party. None the less, in the immediate sense, if we do see a rejection all the way ti 8,524$, then bullish price action stays in tact as long as that level is not broken to the downside.
* Switching to the XBT daily chart, we can observe that rejection to the 9600$ level and 9538$ price level is imminent but unless this level is broken to the downside, bullish price action stays true. The confirmation price for shorts goes to 9300$ on bitumen from 9600$, so once this range is broken can shorts to 8,500$ ever be done.
* Bearish divergences can be spotted on the daily for BTC, and this would mean that the bullish price stop hunting has probably maxed out at the 10,218$ level with maximum upward potential downgraded highly to only a mere 10,500$ from initial weekly consideration to 13,093$. If 10,500$ is broken to upside, then 10,093$ will come to fruition - but considering the bearish divergence, this is now less likely.
- We will now analyse the 4 hourly chart and what we can observe is that price will see an ascend towards the 10,250$ and 10,535$ mark on Mex and FINEX before what I suspect to be bearish price action to 9000$ support level begins. However, Specialist candlestick settings show us that bullish price action is fatigued already at 9900$ and it may take only a short squeeze for upward activity to be done before bearish activity resumes.
All in all:
* A BREAK ABOVE 10,500$ AND YOU CAN LONG/BUY TO 11,682$ AND A BREAK OF THIS LEVEL WILL LEAD TO FINAL RESISTANCE AT 13,093$.
* IF 13,093$ IS BROKEN TO THE UPSIDE, THEN WE SEE BULL RUN BEGIN WITH BULLISH PRICE ACTION TO 19,000$. THIS IS NOT VERY LIKELY AND EXTREMELY UNLIKELY.
* A REJECTION FROM 10,500$ IS WHAT WE SEE OCCURRING WITH BEARISH PRICE ACTION TO 9,300$ AND 8,500$ RESPECTIVELY.
* DO NOT FOMO - WE STILL FEEL THAT LOWS TO 3,300$ AND 2,800$ WILL BE ACHIEVED BEFORE BULL RUN.
* THIS IS A TRAP.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
On our last breakdown of BTC/USD given on the 24/04, we stated that BTC should start to see an ascend to 9,500$ from a live price of 7,518$ at the time. Now, we stated that we expected for price to drop from the 9,500$ level back down and we kind of saw this on the first swing at 9,500$ but price saw only rejections into the 8k price regions. However, we indeed saw a crash to 8,524$ before support was found for the 9,500-9,634$ price level to be broken.
Please DO NOT FOMO and up buying BTC at an overvalued price rather than getting a bargain!
Now, we will conduct another breakdown of BTC to re-assess the situation with BTC currently trading at 9,923$:
- We will firstly begin to analyse the monthly chart and it can be seen that We are at downtrend line resistance in a descending channel. Skipping to the weekly chart, we can see that BTC broke above the 9,634$ resistance level and we have gone on to test highs of 10,000$. If we take a look at momentum indictors on the weekly chart, we can observe that on both RSI and RSI/ROC, we can see that areas of bearish tendency have been broken to the upside and there is continued upward buy pressure at the minute.
* If we switch our chart from the XBT chart to the BTC chart, we can observe that the above is true on the weekly and we have broken resistance fan structure at 9500$. Now, the nearest resistance fan trend line is 11,600$ all the way up to 12,000$. In the case that we see continued sideward movement, we can make highs of 13,093$ on the weekly chart. A break of the 13,093$ level will indicate that longs to 19,533$ are acceptable without considerable risk. If we see a break above 10,500$ only then can we be sure that we will see bitcoin make highs of 11,682$ & 13,093$ at the minimum. A break below the 8,524$ level will indicate that we are back in bearish territory of the descending channel.
- We will now analyse the daily chart for XBT and BTC pairs. We can see that for BTC down trend line resistance was broken at 9.5k along with fan trend line resistance in blue. Once we take a look at our momentum indicators, we can see that both RSI and RSI/ROC are at resistance levels and are due to drop in price before anything occurs. The price level to which we will see a rejection to should be around the 9k price level and once again if we see bearish price action below 8,524$ then we can state that this was all a FOMO party. None the less, in the immediate sense, if we do see a rejection all the way ti 8,524$, then bullish price action stays in tact as long as that level is not broken to the downside.
* Switching to the XBT daily chart, we can observe that rejection to the 9600$ level and 9538$ price level is imminent but unless this level is broken to the downside, bullish price action stays true. The confirmation price for shorts goes to 9300$ on bitumen from 9600$, so once this range is broken can shorts to 8,500$ ever be done.
* Bearish divergences can be spotted on the daily for BTC, and this would mean that the bullish price stop hunting has probably maxed out at the 10,218$ level with maximum upward potential downgraded highly to only a mere 10,500$ from initial weekly consideration to 13,093$. If 10,500$ is broken to upside, then 10,093$ will come to fruition - but considering the bearish divergence, this is now less likely.
- We will now analyse the 4 hourly chart and what we can observe is that price will see an ascend towards the 10,250$ and 10,535$ mark on Mex and FINEX before what I suspect to be bearish price action to 9000$ support level begins. However, Specialist candlestick settings show us that bullish price action is fatigued already at 9900$ and it may take only a short squeeze for upward activity to be done before bearish activity resumes.
All in all:
* A BREAK ABOVE 10,500$ AND YOU CAN LONG/BUY TO 11,682$ AND A BREAK OF THIS LEVEL WILL LEAD TO FINAL RESISTANCE AT 13,093$.
* IF 13,093$ IS BROKEN TO THE UPSIDE, THEN WE SEE BULL RUN BEGIN WITH BULLISH PRICE ACTION TO 19,000$. THIS IS NOT VERY LIKELY AND EXTREMELY UNLIKELY.
* A REJECTION FROM 10,500$ IS WHAT WE SEE OCCURRING WITH BEARISH PRICE ACTION TO 9,300$ AND 8,500$ RESPECTIVELY.
* DO NOT FOMO - WE STILL FEEL THAT LOWS TO 3,300$ AND 2,800$ WILL BE ACHIEVED BEFORE BULL RUN.
* THIS IS A TRAP.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
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