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Thread: Bitcoin Analysis

  1. #331
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    BTC/USD

    From last Thursday the price of Bitcoin has recovered by 13.41% as it came up from $9655 to $10950 at its highest point today. The price is currently being traded slightly lower as it reached close to its significant horizontal resistance level at around 0.382 Fib level which is why a minor retracement occurred.



    On the hourly chart, you can see that the price has found support on the symmetrical triangle which could be interpreted as a bearish pennant which is why the recovery has been made but there isn’t much further room left before we see a breakout from the triangle. From the yearly high we’ve seen a three-wave move to the downside after which a three-wave recovery has developed. The uptrend continuation has been invalidated when the price of Bitcoin fell below the second W wave’s ending point which was presumed the be the territory of the 2nd wave in which the price cannot enter on the 4th if impulsive.

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    BTC/USD

    Last Tuesday the price of Bitcoin was sitting at $10948 which was the first lower high after an attempt for interaction with the 0.382 Fibonacci level. As the price was in a downward trajectory it fell by 10.18% moving slightly below the symmetrical triangle’s support level but the price found support there and started recovering. The recovery which followed has been stopped out at the 0.236 Fib level on two occasions which is why we are seeing the price being struck in this range and is forming a cluster.




    From last week nothing has changed much on a macro level. The price of Bitcoin is still in a symmetrical triangle but its apex is getting close which is why a breakout might occur soon if it’s not already on its way as the price is currently staring to move below the triangle’s support.

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    BTC/USD

    Last Monday the price of Bitcoin was $10503 and spiked further to $10675 at its highest point. From there the price has decreased by 10.41% as it came down to its lowest point at $9417.9 on Thursday. As the price came down to its significant horizontal support level last Thursday and found support there a recovery has been seen of around 11% as it came up to the same levels as on last Monday.



    As you can see from the hourly chart, the price has started to break out to the downside from the symmetrical triangle which was formed since the 26th of June but it found support on the previous low levels at 0 Fibonacci line which has caused a bounce to the 0.236 Fib level and is currently retesting the broken triangle’s support.

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  4. #334
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    BTC/USD

    Last week on Monday the price of Bitcoin was sitting at $9723.8 at the open from where we’ve seen an increase of 12.11% until Friday’s high when the price reached $10901 at its highest point. From Friday’s high the price has depreciated by 6.71% to Monday’s low at $10172 and but has recovered since and is currently sitting slightly above at around $10271.



    Looking at the hourly chart, you can see that the price is still above the upper descending trendline which serves as support but has fallen below the 0.236 Fibonacci level and is forming a cluster. As the interaction with the 0 Fib line ended as a retest of the support level with the price finding support an increase of over 15% occurred but this increase mighty still be corrective before we see a strong downward move, especially considering that the price came up above the symmetrical triangle’s resistance level and attempted to break out to the upside but found strong resistance there and pulled back inside the triangles territory.

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    BTC/USD

    Last Monday the price of Bitcoin was sitting at around $10446 level which was an interaction with the 0.236 Fibonacci level after an attempt for a breakout from the descending triangle. As the price failed to breakout out from the triangle and instead got rejected by its horizontal resistance found slightly below the 0.382 Fibonacci level we have seen a decrease to $9985 at its lowest point last Wednesday.



    From there another attempt is being made for a breakout to the upside but the price is currently stuck in a cluster between the 0.236 Fibonacci level and the triangle’s resistance which has been broken and serves as support. Currently the price is being traded at $10231 which is only 1.53% lower from yesterday’s open and with the price managing to hold above the triangle’s resistance we might see another attempt for a breakout to the upside.

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    BTC/USD

    The price of Bitcoin has been decreasing from yesterday’s open at $10088 and has come down by 4.46% measured to its lowest point today which was at $9638. This decrease is a continuation of the downtrend which started on the 6th of September when the price was sitting at $10920 which is a decrease of 11.94% measured to its lowest point today. Currently, the price is being traded at $9716 as a minor recovery is being made.



    On the hourly chart, you can see that the price has almost come down to the descending triangle’s support at $9386 but there wasn’t any interaction. As the price is in a downward trajectory we could expect to see an interaction with the support level after which we are to see if a bounce occurs of would we see a breakout to the downside.

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    BTC/USD

    From yesterday’s low at $7775.2 the price of Bitcoin has increased to a significant horizontal level at $8500 today which is an increase of 9.38%. I was expecting that the level would serve as support on the way down, but the price continued moving below it which is why today we are seeing a retest of level for resistance. Currently, the price is being traded slightly lower at around $8357 as the price got rejected.



    Looking at the hourly chart, you can see that after a breakout from the descending triangle the price continued moving to the downside and fell below the support level with strong momentum. As we are likely seeing the development of the Y wave from the 3rd WXY correction to the downside we are soon to see the completion of the downfall, and if the price is moving in a five-wave manner the recovery we’ve seen from yesterday could be the 4th wave, especially considering that it has developed in a three-wave manner which indicates corrective structure.

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    BTC/USD

    The price of Bitcoin has been stuck in a horizontal range since last Monday when it fell to $7758 with strong bearish momentum which is the support level of the mentioned range and retested the $8500 level which is its resistance. This horizontal range could be interpreted as a consolidative range after a breakout has been seen from the descending triangle but it is still unclear whether or no the price headed further to the downside from here or are we going to see the recovery starting soon.



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    BTC/USD

    From last Monday when the price of Bitcoin was sitting at $7805 at its lowest point we have seen an increase of 12.73% measured to the highest point made on Friday which was at $8805. Since then the price started decreasing again and is currently sitting at $8333 and is now moving sideways.





    Looking at the hourly chart, you can see that the price attempted to move above the significant horizontal resistance level at $8500 but the attempt ended as a fakeout at least for now as the price quickly came back and in a matter of hours decreased by 5.57%. This decrease could be interpreted as a sign of the resistance found but we could see another attempt playing out as the price hasn’t gone below the prior low and is instead retesting the vicinity of the prior high’s ending point which is serving as support for now.

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