$BTC, retracement made. Now, potential bullish market
Key levels
Short term
Supports—> S1: 7600 & S2: 7250
Resistances—> R1: 8000 & R2: 8350
Medium/Long term
Supports—> S3: 7000 & S4: 6800
Resistances—> R3: 8900 & R4: 9000
Potential scenario
Bitcoin made the expected retracement, after hitting one year maximums at $9,080. It decreased by 18,2%, until $7,435. Currently it has performed a double bottom and is testing R1 at $8,000. If the price retraces to the small support above S1, the demand is very likely to push the price back up attacking R1, therefore, being very likely to break it and continue its way to R2.
TA comment
As said in the section Potential scenario, the price has performed a double bottom and broken upwards the non-dotted blue line, which was a small resistance created during the retracement. Now, we are waiting for the retracement to this line. The indicator DMI signalled buy when that small support was about to be broken upwards, getting 2% until R1. This indicator might be very helpful to quickly spot potential reversals.
Pattern
After the retracement, the price bounced twice on S1, performing a double bottom which is usually recognised as a reversal pattern. The price is already testing R1 at $8,000 and likely to break it. One of the times when the price was supported in S1 to go back up, some candles shaped Hammer patterns. By selecting this in your strategy it would have given a buy signal.
Short term
Supports—> S1: 7600 & S2: 7250
Resistances—> R1: 8000 & R2: 8350
Medium/Long term
Supports—> S3: 7000 & S4: 6800
Resistances—> R3: 8900 & R4: 9000
Potential scenario
Bitcoin made the expected retracement, after hitting one year maximums at $9,080. It decreased by 18,2%, until $7,435. Currently it has performed a double bottom and is testing R1 at $8,000. If the price retraces to the small support above S1, the demand is very likely to push the price back up attacking R1, therefore, being very likely to break it and continue its way to R2.
TA comment
As said in the section Potential scenario, the price has performed a double bottom and broken upwards the non-dotted blue line, which was a small resistance created during the retracement. Now, we are waiting for the retracement to this line. The indicator DMI signalled buy when that small support was about to be broken upwards, getting 2% until R1. This indicator might be very helpful to quickly spot potential reversals.
Pattern
After the retracement, the price bounced twice on S1, performing a double bottom which is usually recognised as a reversal pattern. The price is already testing R1 at $8,000 and likely to break it. One of the times when the price was supported in S1 to go back up, some candles shaped Hammer patterns. By selecting this in your strategy it would have given a buy signal.
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Penafian
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