2020/05/19 BTC Overview

2020/05/19 BTC Overview

By Pietromonsorno | BitcoinToday | 19 May 2020


BTC had been bumping around $9400-$9800, not much has happened lately, yet we may be looking in the short term for a big move.

We haven't recovered fully yet the halving dump but it may be that we are about to.

 

Channel (Daily)

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Bitcoin is having troubles around the 9700 which was the resistance af the last bullrun we had back in january. 

In the channel we are travelling thru looks like bitcoin is being supported by the middle line which could help us hold before going back up, although this is very likely, it might happen that we will look again for the lower line of the channel as support even though this could be bad for BTC short term.

What I see from my prospective are two possible scenarios and targets:

  • breakout to around $10500(upper resistance)
  • breakdown to around $8900 (lower line of support)

the first case scenario, which I came to realize after rushing thru patterns I drew days ago, in my opinion is the most likely while the second is of course to keep under consideration seen the world situation.

4H 

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BTC in the 4h is still looking pretty bullish even after placing a double top, a bullish triangle is being played, as I said in previous posts we reached around $9900 and now we are dancing in the blue zone I drew.

It could be a good time to open a long(not financial advice) due to the fact that we are close to the lower support and, if we're thinking bullish of course, that could spare us the very stressful breakout trade. (keep in mind this would come with a higher-risk-trade)

In my opinion to look for a lower price we need to break $9400-$9500, if we hold that price even after breaking the lower line of support of the triangle would mean that we are still gonna see a break thru the resistance of $10000, as the chart would be looking as a bull flag.

Looking the end of the triangle, if we are to break higher, then it should be within 2-3 days, it should not be anyfurther (that coincides with friday, as usual watchout as is the last weekly workday).

DAILY

As I said, I found a pattern that may be repeated soon:

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You may notice BTC last year this time was looking pretty similar entering this year-long-channel, of course has nothing to do with what is going on right now due to differencies in the fundamentals but yet it may be possible.

Quik explanation: 

  • BTC goes back up $10500,
  • Following short consolidation
  • Retest of the support line ($9700-$9800)
  • Up again ( around $11000)

If this pattern will be verified, it would higher considerably the chance that  it would be the last time we'll see $9000 per BTC for months.

On the other side, if we are not about to break and rally up I would be looking for a retest of the support line around $8900-$9000.

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Thanks again in advance, feedbacks about my work are very welcome.

That's said remember that everything here said is not a financial advice and enjoy your investing.

 


Pietromonsorno
Pietromonsorno

started my trader studies 1year ago, crypto enthusiast, here to share ideas and thoughts.


BitcoinToday
BitcoinToday

Crypto passionates & investors this is my humble opinion regarding bitcoin future. I'll try too share all my trading setups and my opinions each day, that being said pls do not rely only on other's setups and make up your own ideas as it's always best. {so this is no financial advice}

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