BTC consolidating

BTC consolidating

By Pietromonsorno | BitcoinToday | 12 May 2020


As you might understand from the title, BTC did not have a fast move yesterday  as I had pictured.

though is still consolidating in a pattern looking like a flag to me, same level of $8400 support but we were able to break for a little while $8900 level and reach almost $ 9000.

Now we are back around $ 8780 looking for a potential break of $9000, of course it is possible that we could pull back to the $8400 level but it might seem that the bulls are willing to fight a bit more.

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In my opinion if we do manage to hold (always 4H chart) $8800 we migh be looking at a pump all the way to $ 9300 - 9400 which would bring us back on track for the $ 10500 that in this case would be pretty likely, this pump woould be supported by a possible double bottom and plus the CME futures gap that as some of you might know is a very bullish signal due to the fact that gaps tend to be filled.

If we are going to fall instead we will be retesting $8400 if it's broken we may see prices pointing to $8200 which has held us pretty nicely 3 times but sooner or later if we test that level again might not held much more bear pressure.

If we look at the chart I made for my first post, the pump up will bring us straight at the second zone by skipping the first zone, while a little retracement to $8400 will only touch the bottom of the flag, if we are going to fell below, the first zone is the most likely new support zone.

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to summarize I believe we are going to see btc raging around $ 8800 or a bit higher till we'll have a correction that might break $8400 pointing to my first zone, keep in mind that if we break $9000 we may see even $9400 soon.

that's it for today, it might be not much yet i hope you like my ideas and i do apreciate feedback (such as if more fundamental is needed to explain or same more TA) and new ideas too.

 

(always reminding that everything here posted is not a financial advice and that everyone should do his own researches and make up his mind with clear ideas)


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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