BITSTAMP:BTCUSD   Bitcoin / Dolar
Whats going on traders, today I am analyzing BTC/USD on the 1D chart.

After price reached the 10,000 level, investors are now thinking with logic and not hype and enthusiasm. Reaching this level was the pique of many Bitcoin             analysis that I have seen all over TradingView and my Bloomberg Terminal. I believe now the level was hit, a correction is due.

Price recently showed 2 huge doji's, showing major indecision. I believe this is the bulls running out of steam and bears starting to nudge the market into submission.

I am expecting price to correct. On the chart, I have outlined a few possible places for BTC/USD to correct to on the chart.

The correction measurements are:
  • Correction move to 8100-7500. Then price will regulate and continue its intended trend.
  • Correction move to 5530. I believe this will be the maximum correction the pair will have.

Bare in mind that however strong an instrument is, however compelling it is, however amazing it is performing, it will ALWAYS CORRECT. A correction is not a sign of a change of ideology, it is simply a sign of trading.

Always remember, trade your CHART and not your MIND. If you do this you will be a successful trader always.

In my related ideas, I have posted my previous BTC/USD analysis. If you review both of these analysis together you will see how I have come to this analysis.

I will be updating this analysis as the trade progresses. Leave a like & follow to keep up to date with my analysis.
CME's future contract confirmation happened, i guess.. i was expecting correction too..
+1 Balas
@snbosch, Seems to be holding its own at the moment. It will be interesting to see if we finally get the breakdown.

If it closes above 11,400 then I may be convinced that there could be a legitimate upside leg again. But even then, I will not be buying.
Balas
ddrizvi TomProTrader
@TomProTrader,

Keeping in mind current scenario BTC is unpredictable. Some thing is happening behind the curtain.
But it will definitely come to 8.5-9k In a couple of days.
Balas
@ddrizvi, Something may, or may not be happening behind the curtain. I agree.

But there's something Bitcoin hasn't realized (Rather the traders who trade it), that however well it's performing or however amazing the fundamentals are, it MUST correct to the downside eventually.

I have no idea when it will correct. But what I can say, is that it's not had a chance to breathe since those massive doji's. So it will eventually fall and the longer it spends rallying, the harder it will fall when it finally collapses.

Balas
BTC is performing well right now, when do you expect to see some resistance? 11k again?
+2 Balas
TomProTrader cybrown13
@cybrown13, Agreed, price is attempting to rally again today. There is clearly a lot of bull pressure behind it, trying to push as high as possible.

Our first line of resistance is the previous days high at around 11,350.00 (Approx). After this, we will see what happens.
Balas
I'm rubbing my eyes and I'm seeing a fairly bullish candle today.
+1 Balas
TomProTrader AdrianZieniewicz
@AdrianZieniewicz, Correct. Wouldn't surprise me in slightest if it keeps going up. If it keeps rallying without correction, it will eventually need to correct, and it's going to hurt, a lot.

Bare in mind also- last 2 day candles were like the one we see now, so it's important we don't mistake it as significant now as it could end up like yesterdays candle (A huge indecision doji) with absolutely no bull or bear presence at all.

+1 Balas
AdrianZieniewicz TomProTrader
@TomProTrader, It's still too early to make a statement about it, you're right but I thought there'd be no bulls to attack the 10k anymore and we'd start a downfall but this may be the "return to normal" phase of a bubble.
+1 Balas
TomProTrader AdrianZieniewicz
@AdrianZieniewicz, Sure, it could be the return to normal phase completely. 10,000 remains a staple and a huge psychological level. Never know could break 10k (Cleanly not like it has now) and retest it and move up into higher. Not really any way of knowing yet.

We'll just see. I won't be taking a long yet it's just illogical to my strategy to do so.

Interesting level here for sure- I will just sit on sidelines and wait. :)
+1 Balas
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