BTC/USD has completed a correction move recently, and has since began rallied to the upside, breaking our previous side-wards resistance at 14780 and giving us a nice profit (See related ideas to see previous analysis.). Price has now found a secondary secondary resistance channel, and I am expecting a new pop to the upside.
Since price broke to the upside, it has once again retested the horizontal support level. Price has now formed a double bottom on the 4H chart.
I believe price could have a double bottom here, and a break of the newly found side-wards resistance, would also simultaneously break the doublt bottom neckline. This could be a good launch pad for further upside.
There is 2 ways this trade will play out, I have outlined these below:
-Price retests the horizontal support, rallies and breaks the new side-wards resistance at 14500. Price breaks the resistance and retests resistance as support before the new up move. -Price stalls at the side-wards resistance level and retests the horizontal support zone, before an up move later.
In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis.
I will be updating this analysis if it exceeds 40 likes.
Komen
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BTC/USD moved up exactly how I predicted in this analysis!
I will be posting a brand new idea post on BTC/USD today, if my XRP/USD idea achieves over 100 likes!!!
Big well done to everyone following my ideas lately, you've caught every single move with Bitcoin with pinpoint accuracy!
Komen
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I have posted a brand new idea just now on BTC/USDT on my TradingView profile!
Take a look at my updated analysis on my profile page!
Merry Xmas Tom and happy holidays
Thanks for updates!
My trendline comes up just a bit little higher than yours and banging on it right now and rejected. Wondering if we head back to support, otherwise breakout to 16k’s. We shall see!
TomProTrader
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@Buzzligh1year, Yes, also watching to see if momentum continues at this key level !
Happy Christmas!
Buzzligh1year
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@TomProTrader,
Rejected and downwards. But I’m seeing higher lows in general.