By John from a More The (Bitcoin Consultant) – and Bam! A 42% increase in the number of hours of your time. There seem to be several reasons for this, such as the positive news out of China about the blockchain, and in a short squeeze.
What can we do over the next period of time, the price of Bitcoin get?
Contents
Why is the price so hard to increase?
It was started in part due to the positive news out of China with the President in decisions made about the blockchain and how they are paramount to the development. In addition, it came with the price at the 0.618 Fibonacci level. This is often the point where you want the course to withdraw from a turn to make it.
Due to the increase in a lot of shorts (positions in which to place bets that the price will go down) have been liquidated. That brought the rate up to 42% up to a total of $10.400.
With such a large movement in the price and there is a lot of hype and FOMO – Fear of Missing Out. It is very important to get your emotions out and to make a plan so that you will not make wrong decisions.
A lot of people will ask themselves, whether they’re on the boat/ground to have missed it. Therefore, it is important to have multiple graphs, have a look and zoom in to get a better view of the situation. I begin, therefore, with the month on the graph.
Bitcoin exchange rate on monthly chart
The last time I got to the month chart and looked at, I described three different scenarios.
A Bull flag with a target in the direction of $20,000;
Is an equilibrium pattern in which the price of a bottom would be found in the range of $7,500 – $6.400;
A very bearish scenario for the stock price to the $4,000 to process.
In addition, I taught in the first two scenarios are the most likely to be. In the meantime, I think that scenario 1 is not likely to happen. A bull flag (if you want that, the amount drops to about 30-38%.
The exchange rate is close to 50% drops in from the top, so that it is too much. It is most likely that we now have a scenario for 2 in the first place.
In scenario 2 (see figure 1). the exchange rate in a balance of patterns (black arrows), where it will break out, up or down. If this pattern continues to rise, we continue in the direction of the 0.236 fibonacci level is around $11.400.
Then, there will be a higher low is made, which will be somewhere around the 0.5 Fibonacci level, it will drop to $8.500. This is done for all just in time for the bitcoin halving. In the previous cycles have increased the price to much. A breakout to the top of the balance, the pattern seems to be the most likely to be.
What we don’t want to see it, that is the heading to a lower low, it goes with the red arrow. That would be hugely bearish it.
Figure 1. In scenario 2, the equilibrium pattern, it will set the price at $11.400 and then a higher low to form at around $8500.
Bitcoin price weekly chart
On the weekly chart (see figure 2), we can see a nice strong bullish candlestick which is the market price of $10.400 has taken place. In addition, it has key resistance at $8.800 and $10,000 was broken.
In addition, it is also right by the 12/21/26 EMA)’s version, which is also extremely bullish it is. For now, there will be a lot of profit to be taken. This can be seen in the wick on to the candlestick. The price seems to be resistance to the oblique, black line).
This means that the price is still not out of the woods and the downtrend is. The share price has now made a higher high is made, and must still be a higher low, so the trend is changing.
The bear flag (which I had done, it seemed, in the first instance, is to be done. Due to this huge movement, however, geïnvalideerd. For now, it seems to be that the market bottom has been found, just above the 0.618 Fibonacci level.
Figure 2: exchange rate makes a massive bullish movement and a breaks down the different resistors, which would be very bullish, it is!
Bitcoin price is in daily chart
After more than a month below the 200 daily moving average (200DMA, on the yellow line) to have it at the time, the price will finally have a big movement, that is, resistance is broken (see figure 3, below).
In the course of this year, a few days ago, the main support of the 100WMA in the direction of the 0.618 Fibonacci level. That is, the rate greatly increases. The break of the 100WMA support, it looks like a the fake-out.
There is a lot of profit to be taken to see that the wick a pull back is happening right now. It is also necessary for such a large increase. A re-test of the 200DMA at $8.900 – $9,000 each, will make a lot of sense for the next couple of days.
Figure 3: The direction of the 200DMA (white line) is broken.
Bitcoin 4-hour chart
The price is on the 4hr chart (see figure 4), it is at the back. The question is, to where it was. The RSI is very oversold and it needs to “cool off”. The sales volume is relatively low right now, but because of the strong move up, I expect a strong pullback.
To this end, the course is now in the 0.382 Fibonacci level, but I don’t see that the price could be reduced to the 0.5 Fibonacci level/200DMA/$8.900, and if it’s really a strong pull back towards the 0.618 Fibonacci/$8.500.
Here’s a higher low to form and for the daily trend to positive change. If this were to happen, then it is almost certain that we’re the bottom surface is formed at only $7.300.
In figure 4, The pullback has been too busy to fall back into the various structures of the 0.5 and 0.618 Fibonacci level and the 200DMA.
Conclusion
At the macro level, we seem to have a balanced pattern, to be discussed. This means that in the coming months, we are still under the $12,000 and will continue to be, and don’t an all-time high go on, make that everyone would like to see it.
In the short-term, the share price retracement for a higher low to form. The support points are $by 9,200, $8.900 (200DMA), and $8,500 of it on the 4hr chart.
A new Trade training course in the development of
The online trading course is almost finished and is going to 1 and december online ! Sign up now and get 5% discount! We also have the chance to take the course free of charge to win it! Like my Facebook /Twitter, and/or the website for the news. Rather, the trading seminar? Then my Meetup page!
John, from a More
The Bitcoin is a Consultant, John More, was for some time engaged in informing the general public about cryptocurrency to teach through webinars and seminars. He was also a key point of contact for the investors to get all of the details you need to know about crypto, such as investing in Altcoins, ICOs, and a successful (day)trading. On Tuesday, he is to be found in the Blockdam, where he is working with others in a Decentralized Autonomous Organization (DAO), and BlockDAM token.
Thank you for signing up!