Joseph_Yabwa
Long

Bitcoin Analysis! The Big Picture. BTCUSD

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Following on from my last analysis on bitcoin , I am still expecting a move up to around 8K and that will complete a 3 wave correction on H4. On a lower timeframe you will see a possible 5 wave correction. However, the market currently stuck at a major resistance level and I will not be surprised if we don't end up breaking that resistance at 7K but the structure says we will so at the moment I'm still expecting that move to 8K to come very soon. The end of the correction will put us against a descending trendline and also the 61.8% Fibonacci retracement of the recent downward impulse leg so this level also gives us a huge potential for a reversal that will retest the lows. Is there a possibility that we will just break the resistance and trendline and just go up? Of course, sometimes the market tends to do whatever it wants but we will cross that bridge once we get to the trendline. I will be updating my analysis as we progress.

Any opposing comments and views are welcomed!

Comments

How do I start trading with you ?
+2 Reply
Joseph_Yabwa Thethinker2334
@Thethinker2334, Just go on my website and you will see the details of my whatsapp trading group
Reply
Looking good bro I got in this morning as market looked strong I'm targeting around 8100 area.
+1 Reply
Joseph_Yabwa tonygun72
@tonygun72, Thanks & well done, i think we will see 8k in the next few days
Reply
Very Good analysis! Thank you
+1 Reply
Nice work, same analysis as me :)
+1 Reply
@gjfx, Thanks bro, I'm glad we are on the same page
+1 Reply
Nice and comprehensive broπŸ‘ŒπŸ‘Œ
+1 Reply
@Tanin008, Thanks bro!
Reply
This is excellent!
+1 Reply
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