Here comes a brief view into the future of bitcoin price:
Chart: KRAKEN:XBTUSD Time Frame: Daily, 4hr, 1hr Predicted Direction: LONG
LONG-TERM VIEW
In the 1D chart you can see two very important lines. Shall the KRAKEN:XBTUSD break the support, it will go down to at least 6k. However, shall it break the resistence, 11.5k, 17k & 20k will be the long term targets.
CURRENT TRADE IDEA
You can see that KRAKEN:XBTUSD touched the support (17/3) and bounced upwards from it.
As of now, KRAKEN:XBTUSD is unable to break above the daily 200EMA. This also happened afterKRAKEN:XBTUSD touched the support on 5/2.
I now expect a pullback to 38.2 Fib prior to the upward movement will continue.
TRADE WOULD BE VALID IF
pullback to 38.2 Fib
daily 200EMA will hold as a strong resistance
other indicators give positive outlook
ESTIMATED TARGET
The estimated target is right below the resistance, approximately $9400 - $9500. Will be specified later.
Updates will be available in the comments section below.
Thank you very much!
Commentaire
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Price has broken 1hr 200EMA (hour candle just closed below), which should now act as a resistance. If it holds, it should be possible to retrace to daily 38.2 Fib (around $8480).
Commentaire
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Price is quickly approaching the daily 38.2% Fib (current low $8487); however, it did not touch it yet. Let's wait if the 38.2% and if it does, trade will be opened.
Commentaire
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*Let's wait if the 38.2% HOLDS and if it does, trade will be opened.
Commentaire
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Price got to the low of $8487, which is slightly above the daily 38.2% Fib - $8469; however, it quickly recovered back to the $8600 level. Personally I would wait until the price breaks above the 1h 200EMA prior to the LONG position.
Commentaire
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So, bitcoin seems to find a bottom for now just slightly above the daily 38.2% Fib and now is fighting the 1h 200EMA, which seems to be quite strong resistence. Let's see if it can break through it so we can open a long position, or whether there will be a retracement below the daily 38.2% fib to the daily 50% fib.
Transaction en cours
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So we have just broken above the 1h 200EMA.
TRADE ACTIVE @ $8680 STOP LOSS @ $8480{/b] {b]TAKE PROFIT @ $9100 as of now - will discuss in a post later
Commentaire
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So the price broke down the daily 38.2% Fib last night and the position was closed by the stop-loss order. Recently the price touched daily 50% Fib (@ $8247) and bounced up to the level of $8400. I am looking to reopening the position a little bit later.