TomProTrader

BTC/USD - Levels To Watch

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Whats up traders, I hope you've all had a good trading week.

Here we have BTC/USD on the 4H chart.

BTC/USD has been having a strong downside correction move after the strong upside rally previously. Price has been having a strong correction which has been highly extended, so now I am watching for levels for it to bounce.

After this correction finishes, it will be ready for a nice up move. Price is currently at a key horizontal support zone between 11900 and 12800, price has began to show a potential reversal candlesticks . The candles could suggest a change of command from the bears to the bulls, and I believe the bulls could potentially capture this move if the next few candles get the better of the bears.

If price fails at the current horizontal support zone between 11900 and 12800, price could move down to the lower support zone between 7400 and 8300.

If price begins a reversal at the current support zone , I am expecting an up move to the structure target of 15800. If price breaks down and hits the second support zone on my chart, I am expecting a bounce to at least 12000.

I have posted my other recent Bitcoin posts. I recommend looking at these so you can understand how I have came to my current analysis.

I will be providing the realtime buying signal for this trading plan in the "updates" section of this idea, if this post receives over 50 likes.

Comment: I will be updating this analysis in a couple of hours, if my AUD/USD idea gets some more attention! (The idea previous to the idea you are viewing now on my TradingView profile page)

Want to assure there's a lot of people online as to not miss this next analysis. Looks like Bitcoin is doing some great things at the moment.
Comment: Check my TradingView profile page now for my brand new analysis on BTC/USD !

My new post is an update of this analysis, and shows the ideal areas for a buy opportunity.
Comment: Fresh analysis posted on BTC/USD and XRP/USD!

See my TradingView profile page for both of my latest analysis.
If BTC goos down it wil form a big head en shoulders formation.. (2h chart)

What are you're thoughts?
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NickPletting NickPletting
@NickPletting, goes*
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Hi Tom - looks like 15,800/16,000 stuctural resistance is a key resistance area. I've been saying for a while this is one big head and shoulders top, people could not see it, but the right side of the head has formed now, and the left side of the right shoulder is now forming. It is possible this could be a bull trap and the run is over, and the rally will stop at 16,000, the height of the left shoulder. If this is a bull trap and the rally stalls out at 16,000, be prepared for a move down more than 12,000. That will be the neckline intial test, but it may break down, simply because this run couldn't get above 16,000 and to new highs like it was anticipated. If this is the case, then full 78% retracement is possible down to 8500 area. Need to play this very carefully, the parabolic top run could already be over, since it breached the major parabola, on a huge weekly red candle.

https://dwq4do82y8xi7.cloudfront.net/x/1RlyHtx3/
+1 Reply
mohitfrequent josephtse
@josephtse, i think it is correct...
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TomProTrader mohitfrequent
@mohitfrequent, All idea are valid until validated. So you could indeed be right.

Thanks for sharing.
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@josephtse, I am with you on the head and shoulders. Been calling for the 61.8 of the fib for the year 2017 for a reset then back up to insane new highs
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frirend,correction is ended?
+1 Reply
check this now

+1 Reply
TomProTrader waseemshamieh
@waseemshamieh, ty for sharing.
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