weslad

Bitcoin in a serious Dilema

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hey guys I made this analysis for discussion purpose, pinpointing both sides of the market possibilities between BULLs and BEARs.

The chart says it all with both side target mentioned.

The question for discussion is what view are you considering right now? are you Bull or Bear??

Point to note is the DETERMINANT ZONE shown on the chart.

If Price keep holding above it the odd will keep favoring Bullish outlook while the reverse will be the case when price trading below it.

I leave it for you guys bring on your contributions and show us your reasons with charts for better views.

Thanks guys
Trade active: Hello guys

On the upside i spotted a possible falling wedge and flag like pattern which if play out will give target towards 10800$

Trade active: We lost major support zone yesterday with huge bearish candle that smatch through 10k zone.

The idea now is to wait for a potential or partial re-test on the zone and wait for price action to go short with immediate target towards 92xx$ zone.

Then from this zone we can accumulate long for target towards 11000$ to 11200$.

Trade active: Great update last time,

BTC did bounced off the stipulated zone towards 92xx-93xx

Here we are now,

Trade active: hey guys keep an eyes on my new on coming updates. This analysis need to be updated now. We hit the top of the zone towards 11k level.
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Comments

Good view
+3 Reply
weslad VincePrince
@VincePrince, Nice SHS thanks for sharing with us your idea
+1 Reply
Down we go!
+2 Reply
weslad Sherem
@Sherem, perfectly spotted. How far down do you expect
Reply
Sherem weslad
@weslad, 7-8k at least
+2 Reply
weslad Sherem
@Sherem, I love your target man
Reply
Interesting take. I have been struggling with the same dilemma for over a month now.
I am bearish short term but overall bullish until 7k.
I am currently reassessing though because its starting to feel like XBT is forming a new foundation in the 10k area. If that is the case then we could see a new ATH soon. For now I believe XBT will break below the long standing trendline and fall back into the 4 digit range. Im still shocked that btc found a bottom at 3k and is now sitting at 10k. Ive been here since 2012.. this imo is insane.

+2 Reply
weslad atomica
@atomica, Nice work man, you nailed the drop perfectly from your chart, already left you my likes on that. Well I believe many traders will be worried just like you are because the present trading range is getting tighten up which signal potential breakout soon. where the break will go is what hard to say. But in all any position taken now should be with tight stop loss possible
+1 Reply
atomica weslad
@weslad, I agree that is great advice. I was expecting a break down to find the bottom but all this ranging has me second guessing. Honey badger doing his thing.
+1 Reply
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