Bitcoin Analysis [BTC / USD] - 07/05/2017
Hello traders, today we will do an analysis of Bitcoin and see how the graph is for this week, we will check it out!
Good traders, in the daily we see the price breaking the LTB and also almost crossing the averages again, in those moments with the price walking from "side" we should disregard the averages and focus more on the "price action" then at the moment the price already demonstrates a possible High in the coming weeks.
The news scenario for Bitcoin is no longer so bad and we should have a recovery soon, in the LTB breakup we did not have above average volume so that is a negative point, being a more conservative trader entering a new purchase would be in the breach of the Last top in $ 2,700 and for those who want to risk more would be in breaking the pivot in H4:
In H4 we see a high pivot forming, breaking the dotted line would be a good time to buy for a shorter term, leaving the stop below the last bottom and the target on the previous top:
In the weekly we had a 9.2 purchase setup activated, plus a sign that we will have more moves in the coming weeks, pay attention to the volume, if the candle of this week close with volume above the average there is more interesting:
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Upvote! I like your content, keep it coming. Also, fun fact: it takes 50 minutes to soft boil and two hours to hard boil an ostrich egg, haha:D
I have to say that I think the same as you. Bitcoin will recover soon; its price droped past times and always recovered itself.
A very well done analysis!