Hi guys, long time no see lol, it's been a while since last update of the bitcoin in Oct, actually it was running well in 5 wave up structure as mentioned before, hit 6284,6926,8130 step by step and finally now approaching 10000 level.Here are 2 kinds of senarios:
Rally again to break 10000 levels and reach higher extension levels
Retest support zones near 7500 and rally again
From perspective of price action, the price always drop to retest the previous resistance level then creating higher low points, that's why u may saw or suffered loss if u set up immediately at a new high price. From the chart u may find that the price retested 5837,7500 and 8000 as well.
From my perspective, I regard the bitcoin as kind of substitute of gold for the safe haven property, which is also well recognized in IT field. Thus I still hold the bullish bias, and finding somewhere really high and difficult for the price to reach, which may also a opportunity to short then.
From the weekly basis,I found that 3000,5500,8000 has been retested and now act as a support area, with 2500 as interval distance.Thus the next area shall be at around 10500 if the trend is quite strong and need to drop again before spikes.
But be aware that the lagging line on weekly chart is turning flat, hints the momentum may not as strong as that in previous weeks, and if u wish to find the entry opportunites, 15m chart shows there is support at 9500.
From FA side, US inflation is still not that good given a even hawkish environment, and major central banks like BOJ, BOE,BOC has been on their way to raising rate, as well as the recovery of the euro area, maybe time to say goodbye to strong USD as least in next 1-2 quarters, which is also support for the bitcoin.
Thanks and good luck!
Rally again to break 10000 levels and reach higher extension levels
Retest support zones near 7500 and rally again
From perspective of price action, the price always drop to retest the previous resistance level then creating higher low points, that's why u may saw or suffered loss if u set up immediately at a new high price. From the chart u may find that the price retested 5837,7500 and 8000 as well.
From my perspective, I regard the bitcoin as kind of substitute of gold for the safe haven property, which is also well recognized in IT field. Thus I still hold the bullish bias, and finding somewhere really high and difficult for the price to reach, which may also a opportunity to short then.
From the weekly basis,I found that 3000,5500,8000 has been retested and now act as a support area, with 2500 as interval distance.Thus the next area shall be at around 10500 if the trend is quite strong and need to drop again before spikes.
But be aware that the lagging line on weekly chart is turning flat, hints the momentum may not as strong as that in previous weeks, and if u wish to find the entry opportunites, 15m chart shows there is support at 9500.
From FA side, US inflation is still not that good given a even hawkish environment, and major central banks like BOJ, BOE,BOC has been on their way to raising rate, as well as the recovery of the euro area, maybe time to say goodbye to strong USD as least in next 1-2 quarters, which is also support for the bitcoin.
Thanks and good luck!
Comment:
Approaching 11600