TomProTrader

BTC/USD - Is Long Term Uptrend Here To Stay?

BITSTAMP:BTCUSD   Bitcoin / Dolar
Hi traders,

As you know, I have been studying BTC/USD for some time.

Price recently broke a minor (Yet significant technical) resistance level at 11820. Price has moved nicely since the breakout, and now I am expecting an up move to the target level of 13580.

Our target is based on a measure move of previous bullish impulse leg and the successful breakout of the structure resistance . The measurement target also coincides with sideways resistance, and Fibonacci extension target level. Knowing this, we now have a very probable and robust target for price to achieve. Price has had a nice run since posting, and I am expecting impulse to continue as per.

The above is just half of the analysis. There is more.

Recently, BTC/USD has been neglecting and leaving behind ALL of the support levels that have been thrown in front of it. This has resulted in obviously a massive price increase, but also a belief that Bitcoin             is something not to be reckoned with and is here to stay.


Looking back on the chart, there was recent horizontal support levels for Bitcoin             at: 8400, 9100 and most recently, 10900.

All of the above support levels have been completely left behind every time. All of these support levels were never used (Despite having a massive mode which is a compelling support ceiling) and price just ran away to the highs anyway.

Only the most recent support at 10900 has been used as a legitimate support level . Now, even with this happening, BTC/USD used it briefly, and went to the upside.

With structure being constantly left behind, and price gradually using legitimate technical rules such as structure support/resistance etc, we can now see Bitcoin             might have had its rally to it's desired price and now price is stabilizing.

With price stabilizing at such high levels, it is hard to argue with the facts. Bitcoin             is in an uptrend, and is now stabilizing. Especially with the technical stabilizing we have seen, it is hard to deny that there is a real possibility that the trend seen now could be here to stay, and there could be much more to come.
Komen: All updates on this idea are in my latest TradingView post!

On my new idea, I go into detail about Bitcoins expected corrections before continued upside.

Please take a look and leave a like :)
Bitcoin will reach 20,000$-21,000$ by January 2018

Balas
josephtse VovaMihalovich
@VovaMihalovich, Hi - your graph is excellent. But in the purple zig-zag which meets the parabola, how did you know to change the angle to less-sloped? I actually see us reaching 20,000 by Dec 11, when the first 1-bitcoin futures/options list on CBOE. I don't know why you changed the angle to less sloped, I think you should have made it MORE sloped. Are you saying there will be a several day consolidation period and bring the climax top more to 45 degrees instead of like 60 degrees slope?
Balas
Here's an update folks. BTC is now 14400. No one knows when it will stop or what it will correct to. People who said it would stop at 13500 now say it can also stop at 20000. Don't sell this thing.
+2 Balas
Any updates?
+1 Balas
TomProTrader neonsurge
@neonsurge, Price is moving well towards target. When it hits target I will consider updating this analysis.
+1 Balas
khoianh TomProTrader
@TomProTrader, Thanks Tom, as there is a big difference in prices from different exchanges, which exchange do you often use when you refer to the target price?
Balas
khoianh TomProTrader
@TomProTrader, Thanks Tom, as there is a big difference in prices from different exchanges, which exchange do you often use when you refer to the target price?
Balas
Do you think we'll see a correction after 13K?
+1 Balas
TomProTrader Superintendent
@Superintendent, Yes.

I believe once price hits it's target of 13500, it will have a correction move, most likely to 11500 level.

After hitting 11500 level, I am expecting an up move again. But I will wait for the chart to tell us what to do when the time comes.
Balas
hedgerowtrader TomProTrader
@TomProTrader, We're almost there at 13500. If it corrects all the way to 11500 we're golden
+1 Balas
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