It’s good to see that we haven’t fallen below 9k for a while. Buying pressure is strong
Thanks for the analysis. I am feeling more optimistic about the week ahead.
Hi all. A lot of things happened lately and here I am again. This time only BTC chart (a weekly one) and no other distraction.
You can ask why and the answer is very simple – I want to be strictly price action orientated this time.
We saw a lot of movement in both directions but as you`ll see from the chart – nothing major changed.
Actual situation.
- The price is trying to breach the upside line but can`t do it. Only a small fake out for now. The game is not over yet.
- 10 EMA – the price perfectly bounced from it this week and it`s back above.
- 21 EMA - the price is still above it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – 8 weeks bullish signaling.
- Weekly pivot point is $9413.80 – 50:50 possibility to close the week below it which can lead to negative next week.
- Support and resistance:
7.1. Support:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800
7.2. Resistance:
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
So as a conclusion theres plan A and B. Im 70:30 for plan A but who knows.
There`s no matter for me in long term. Both scenarios ends with the same final so BE HEALTHY and HODL.
That`s all for now.
See ya next time.
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Thanks for the analysis. Yes not much has changed this week. Let’s see what happens in the next few days.
I suspect we could be in for plan B, could be an inverse head and shoulders forming. Let’s wait and see.
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Great analysis and while I lean towards Plan A, like you I want to see price action showing the way.
Watched a very good analysis on the BTC moment suggesting that there could be a big spike to the lower side around 6k mark which will hold for a day or 2 before we rally into the year and break the 15k by September. half tempted to set some limit orders and see if i can get in on the drop.
I think it will rocket
Hi all. A boring week for me even with almost $1000 from the bottom to the peak of the BTC price.
This week will be only a small update from the last one plus one bullish chart and opinion from Bloomberg. I`m expecting next week and end of the month for more conclusions.
Actual situation. (chart 1)
- The price is still trying to breach the upside line but still can`t do it.
- 10 EMA – the price almost perfectly bounced from it again this week and it`s back above (for now).
- 21 EMA - the price is still above it even without a touch of it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – 9 weeks bullish signaling.
- Weekly pivot point is $9259.78 – a similar scenario like the last week. Sorry to say it but seems like we`ll end this week below it which can lead to another negative week next week, and remember that almost In the middle of it will be the end of the month.
- Support and resistance:
7.1. Support:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800
7.2. Resistance:
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
A Bloomberg view. (chart 2)
According to Bloomberg, the narrowest ever bollinger bands suggest that Bitcoin is consolidating for a major breakout. In their opinion, Bitcoin is priming to break out of the upper resistance level of $13,000. At the same time, he says that it is critical that price does not fall below $6,500. For more perspective check their chart.
Thats all for now and lets hope for a better end of the month than the actual one.
See ya next time.
Yes i think BTC will be in for a quiet period over the next month or so. If it can hold the price that will be great news for the next bullrun
Good to see Bloomberg is bullish!
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Yes let’s hope btc picks up soon.
Sitting on my hands for now. Doing nothing really
plan a sounds good. good stuff pal
Hi all. A boring week again.
This week i
m going a bit long-term again with 2 charts again. Can the history be repeated? (chart 1) Its not 100% sure that the history be repeated but since now it looks like its happening even with some little differences but theyre insignificant. I`ll not say much more and will let you to think about this pattern.
Bitcoin Puell multiple. (chart 2)
This is something really interesting too. Thanks to Glassnode and their Puell multiple (PM) chart we can see a never failed since now bullish signal and even more. We saw this signal in the past is 100% right and now it`s even confirmed cuz the PM line went down to the green zone, then went up out of it, then back down but it bounced almost at the border and went back up. You can check this chart on their site.
Actual PA situation:
- The price is still trying to breach the upside line but still can`t do it.
- 10 EMA – the price is perfectly bouncing from it again.
- 21 EMA - the price is still above it even without a touch of it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – Another bullish week and there`s 10 weeks bullish signaling.
- Weekly pivot point is $9249.13 – a similar scenario like the last two weeks. Sorry to say it again but seems like we`ll end this week below it which can lead to another negative (3rd) week next week.
- Support and resistance:
7.1. Support:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800
7.2. Resistance:
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
That`s all for now.
See ya next time.
1 Like
Price certainly looks like it is being squeezed. Hopefully it will be to the up side.
Thanks for the analysis Momchil, much appreciated.
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Price is being squeezed nicely here as before. Would be great to see the price shoot up in the same way to new ATHs
Not sure history will do it again. dont see the hype behind bitcoin on the rally side at the moment. to many people looking to get in at a lower price. great read tho
Hi all. A bit more interesting week but nothing special.
Last week we
ve talked about history and can the it be repeated. This week ill continue with a 2in1 chart.It
s simple enough and Its all about Golden crosses (GC) and Death crosses (DC). Im comparing the 2015 PA and GC/DC to the nowadays one. The GC are green circles and the DC are red ones. If someone dont know what this crosses means – google it. Also If someone of you dont know what happened after the end of 2015 lets check the charts. Till now the situation is 1:1 to the 2015, which is very interesting and lets see how it will continue.
Actual PA situation:
- The price is still trying to breach the upside line and now it`s a bit higher than it but nothing significant.
- 10 EMA – the price is perfectly bouncing from it again.
- 21 EMA - the price is still above it even without a touch of it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – Another bullish week and there`s 11 weeks bullish signaling.
- Weekly pivot point is $9093.94 – there
s good signs that well close the week above it, which will be very positive for the next week. - Support and resistance:
7.1. Support:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800
7.2. Resistance:
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
For now, the next week material will be close to this but a bit more interesting and promising, if something significant does not happen.
That`s all for now.
See ya next time.