The decline of bitcoin price was stopped at 61.8% Fibonacci correction level (for the rise from 1800.00 to 4980.00) and formed solid support at 3033.00, and Bitcoin price after the bearish correction to 3000.00 level, back to the main bullish trend, moved upwards strongly and breaking 3776.00. After the bullish rally, bitcoin started to show some bearish correction after it faced solid resistance at 4075.00 and trying to test 3776.00 level that represents 38.2% Fibonacci correction (for the rise from 1800.00 to 4980.00).
So What Next..
Expected trading for the rest of day is between 3700.00 support and 4236.00 resistance.
- Bitcoin price keep stability above the key support 3776.00.
- Stochastic start to provide positive signal to reinforce the chances of resume the bullish trend.
- Breaching 4030.00 confirm the continuation of bullish trend.
- Breaking 4236.00 and holding above it will push the price to 4980.00.
- The price must hold above 3776.00 to keep the bullish trend.
- Breaking 3776.00 level and holding below it will cancel the bulish trend.
Expected trading
for the rest of day is between 3700.00 support and 4236.00 resistance.
Expected trend for the rest of day: Bullish.
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Always appreciate your non-hype and factual analysis.
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@lordoftruth,
After a long long time I could see BTC bouncing in range! Hope it will break S and R soon! Thanks for sharing such great analysis report with us!
Cheers~
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I want to learn about it. is there anyone can teach me?
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I want to learn about it. is there anyone can teach me?
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So what next?))) We will see BTC for $5000 to the end of the year.
Have you thought about what will happen next year?
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I guess we will see a new all time hight before November . And what happens at the end of the year will depend on if we see a Fork at November or not .
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This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
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I think there's nothing to learn! The best strategy is "buy and hold". :) If you buy a crypto currency now it will definitely grow after a couple of years. The main thing is to wait for this moment. Do not panic! And do not sell earlier!
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I think bitcoin is going to stable after long time.. will see what china has to say..
great work and very helpful ..
Cheers!
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I'm glad that the trend is back! It's too early to talk about long-term results! But I'm sure that we will get pleasant surprises.
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Very good, thank you. Resteemed.
Do you analyze other cryptocurrency? For example STEEM or Ethereum Classic? I want to buy it on this week.
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Thanks, @lordoftruth, for spotting this Fibonacci turning point and for posting this Alert for serious Bitcoin traders.
New to Fibonacci Trend Analysis? Check out this chart and the link below it for a more detailed study.
[paraphrased from the article] 'This Chart shows a stock with a moderate 38% retracement and other signals coming together. After declining around 38%, the stock bounced back. In addition to the 38% retracement, notice that broken support turned into resistance in this area.'
From the introduction of this article > "Fibonacci Retracements are ratios used to identify potential reversal levels. These ratios are found in the Fibonacci sequence. The most popular Fibonacci Retracements are 61.8% and 38.2%. Note that 38.2% is often rounded to 38% and 61.8 is rounded to 62%. After an advance, chartists apply Fibonacci ratios to define retracement levels and forecast the extent of a correction or pullback. Fibonacci Retracements can also be applied after a decline to forecast the length of a counter-trend bounce. These retracements can be combined with other indicators and price patterns to create an overall strategy."
Here's the link > http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_retracemen
Thanks, @lordoftruth, for spotting this Fibonacci turning point and for posting this Alert for serious Bitcoin traders.
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Yes.... @lordoftruth
Btc is have zig zag market.... and I think your correct my friend... Btc is bullish trend today...
Upvoted....
Cheers~~~~
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I hope you are wright! I want to buy Bitcoins right now. Many users here recommends to buy it right now! We can not wait for the price 2800 more :D
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Thanks for your analysis :)
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Solutions to problems are like sunshine. really good one!!!!
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great information is the bitcoin .....thanks for sharing bitcoin advise ...upvoted
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