BITCOIN - Closer to resolution

BITSTAMP:BTCUSD   Bitcoin / Dolar
We're nearing a key moment...

As I've been noting in the comments in the previous update (https://www.tradingview.com/chart/BTCUSD...), we've been carving out a 5 wave move toward the area of resistance at beginning at 630. That move is complete, and we stopped about $1 short of the lower end of the target range (at 628.98).

My expectation from here is that we drop to support before making a new high and resuming the long term trend - and the most important question is "how deep is support?".

In the immediately bullish case that I've been discussing, the market will find support in the 590-600 region for a wave 2, before rallying to new highs, although a drop to the 570-580 area ("Last chance support") is allowable within the parameters of the bullish pattern .

If neither support area is able to hold, the highest likelihood is that the the purple 5 wave move up was wave C of 4, which would point to a wave 5 below the low of Aug 2, in the area of 420 - the bearish case mentioned previously.

I should note that if the market finds support and rallies to new highs before reaching the upper support area , it would be a very bullish sign indeed.

At this point in time, my cautious expectation is that upper support holds...we shall see in the coming days...
Nice analysts looks solid Is the convergence in the MACD showing a continuum of the trend
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Laman Utama Penyaring Saham Penyaring Forex Penyaring Kripto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Dalaman Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Tetapan Profil Akaun dan Pengebilan Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikut Mesej Peribadi Perbualan Daftar Keluar