We are in an important moment in the BTC because we can be able to see the beginning of the reversal of this tendency of low and resumption of the high course to the 6 thousand dollars.
We can observe in the chart of the OBV that this last Saturday occurred what is defined as Advanced Break Up, which is nothing more than to make the LTB break in the indicator before the break in price, anticipating the movement that the price of the BTC came to do two days after the event. This type of movement in OBV confirms the volume that Elliot's theory requires is necessary to consider that price may be resuming its bullish trend.
A summary of what has already been mentioned in previous analyzes and which may reveal a possible resumption of trend are the following signs:
1- We have a smaller fund than the previous one;
2 - The OBV made an advanced break up;
2- LTB and the mean of 20 were disrupted forming a new LTA in OBV, which indicates increase in volume. However, the volume of these last days are still below average.
WHAT SHOULD WE OBSERVE NOW:
At this point, the price is stopped at the resistance formed by its previous top and the line of 61% fibo retraction, region between $ 4100 and $ 4200.
So we can see that soon after breaking this top at 4100, we will have another major resistance formed by the 61% fibo line at 4200. So I believe the price can break this last top, and stop at the region of the fibo resistance between 4200 and 4380. And then come again to test this new LTA, which is formed by only two points, the first being on the day -0.03% 17/07 and the second on the day -0.03% 15/09. This possible future touch in this LTA, would be in the region of 61% of the correction of the discharge of the last 6 days, which reinforces for me that this really is quite possible to happen.
What is the best time to buy
The first point of purchase I see right now, is after the 61% breach of the correction at $ 4380. If this happens now, the price has a lot of chance to just stop at the next top in the $ 5000 region.
The second point of purchase that I can visualize occurs if the price will respect the region of 61% and return to test the LTA as explained above. If this forecast is confirmed we may have a purchase in touch of the LTA with short stop at $ 3620 for those who are in short term operations. And stop at $ 2950 for anyone who is in long-term operations.
These will be my entries. Let's see what happens next.
We can observe in the chart of the OBV that this last Saturday occurred what is defined as Advanced Break Up, which is nothing more than to make the LTB break in the indicator before the break in price, anticipating the movement that the price of the BTC came to do two days after the event. This type of movement in OBV confirms the volume that Elliot's theory requires is necessary to consider that price may be resuming its bullish trend.
A summary of what has already been mentioned in previous analyzes and which may reveal a possible resumption of trend are the following signs:
1- We have a smaller fund than the previous one;
2 - The OBV made an advanced break up;
2- LTB and the mean of 20 were disrupted forming a new LTA in OBV, which indicates increase in volume. However, the volume of these last days are still below average.
WHAT SHOULD WE OBSERVE NOW:
At this point, the price is stopped at the resistance formed by its previous top and the line of 61% fibo retraction, region between $ 4100 and $ 4200.
So we can see that soon after breaking this top at 4100, we will have another major resistance formed by the 61% fibo line at 4200. So I believe the price can break this last top, and stop at the region of the fibo resistance between 4200 and 4380. And then come again to test this new LTA, which is formed by only two points, the first being on the day -0.03% 17/07 and the second on the day -0.03% 15/09. This possible future touch in this LTA, would be in the region of 61% of the correction of the discharge of the last 6 days, which reinforces for me that this really is quite possible to happen.
What is the best time to buy
The first point of purchase I see right now, is after the 61% breach of the correction at $ 4380. If this happens now, the price has a lot of chance to just stop at the next top in the $ 5000 region.
The second point of purchase that I can visualize occurs if the price will respect the region of 61% and return to test the LTA as explained above. If this forecast is confirmed we may have a purchase in touch of the LTA with short stop at $ 3620 for those who are in short term operations. And stop at $ 2950 for anyone who is in long-term operations.
These will be my entries. Let's see what happens next.
