Bitcoin Could Retest 10,200-10,500 Again (Full Analysis)

Bitcoin Could Retest 10,200-10,500 Again (Full Analysis)

By Tikyi Khant | Tikyi Khant | 21 Jul 2020


So,I just had an alert of BTC/USDT going above all 50-100-200 MAs,MACD becoming bullish while breaking out of 4-hour Bollinger Band.

cb2d383430fd26d082f6a4671ca65a7edb3f8eb1cdc93f36b248a51fcc36c3fc.png

So,I decided to check on the larger view again although my caution for Euphoric Crypto market remains the same as I decribed in this article.

So,lets take a look at 1D chart,

4fcdc803dbfc0249e4f012a797d52743893d6ba651936becd477876912d6fe3a.png

 

Currently ,We can see a potential trendline break out today with 50 MA resistance sitting right on the upper band of Bollinger which is 9403 USDT.

There's another resistance from 23rd June at (9650-9750) USDT region.

So,to reach 10200-10500 again,we will need to break clean above the resistance from 23rd June.

Using Stochastic RSI and Ichimoku Cloud on 1D Chart,

284887938d8c51230ec384e24061e8a358f1f29fa9c8a2dc9ad5a1d53fc2bed1.png

We can see a bounce from Cloud happening at the moment with Baseline (RED) acting as resistance around 9520.
Stoch RSI
has crossed bullish giving me bias that we can go and touch 10200-10500 soon.

Conclusions of Local Resistances area after using MACD,Stoch RSI,Ichimoku Cloud ,MAs & EMAs are as follow


1st resistance =9403-9523 USDT (Based on Cloud,50 MA and Bollinger Band)
2nd resistance = 9650-9780 USDT
with final resistance before a new trading range =10200-10500 USDT.

So,lets take a look at 1W chart,

5b66f3c320b48ec035a4a18a38266e00c21d590136bff719887d2f2710dded7c.png

I'm aware that Trendlines are not 100% reliable but I drew them to see every possible scenarios.I've described the reasons for short term Bullishness above but I'm sticking to my previous market correction view until it breaks clearly above 10,500 USDT as you can see Stoch RSI has crossed bearish since June and it can continue going down .50EMA (Red) is giving support at  8500 USDT and 100 EMA(Blue) is giving support at 8100 USDT. Fractal support (green box) is around 7700 USDT.   

d30f836c55c2806606d97ba529de93f723c22babd749ec59ed2686527d2dc60b.png

This's the chart from my last article.

So,here are the support and resistances of BTC/USDT I marked after using 4hr/1d/1W Charts.

Final Conclusions
Support= 9000 ( Psychological support)
8750-8800 (Daily Fractal support)
8500 (weekly 50 EMA support)
8100 (weekly 100 EMA support)
7700-7800 (Weekly Fractal support)

Resistance- 9400-9500 ( Daily BB upper band/50 MA resistance/Baseline)
9650-9780 (Daily Fractal resistance)
10,000 (Psychological Resistance Zone)
10,200-10,500 (Weekly Fractal resistance )
Incase we broke clearly above 10,500 USDT,new trading range will be 10,500-11,600 USDT.

Clean 1D chart with Fibonnaci Retracement tool

f4d4efb9826e0d7f80843054eef96e36861b977734759d451b9049d8f8de6388.png

 

These are my Technical Analysis views for Bitcoin.
Please share me ur view.

If you want more of these setups,follow me on TradingView where I usually posts charts .

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Tikyi Khant
Tikyi Khant

I started the journey by doing airdrops,then I become investor then I became full time trader


Tikyi Khant
Tikyi Khant

I'll be mainly sharing about Trading Analysis,Research on new promising coins,Bounties & Airdrops mainly

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