BTC Daily Update (6/8/2019)
Please read the details we mentioned below this chart carefully. Thank you for your support
in last updates we set $11500/12000 as daily resistance for btc and said we will wait for a price action from it if btc bounced the $11150/10950 will be the and based on performance from it will setup new entry, After that, during we were waiting, we shared scalping signals for btc from $11637 booked profit at $11830, and from $11811 booked profit at $11949.
Now we Continue our updates:
The current movement shows btc reach $11950 and close daily below it on 4H TF we can see some wicks and red candles from it with a bounce to $11770
Our action still remaining without change
$12000 is resistance and $11150/$10950 is support for a current trading range between $12500/9650 if btc keep bounce and reach these levels we will setup long entry btc or not, depending on the price-performance from it!!
BTC almost achieve the first condition we set for short-term movement in our retracement plan from $13750 and breakout $11500 !! but we can`t skip last monthly close easily, so until the bulls erase this weakness and breakout $13500 weekly/ Monthly we are very careful with our trades.
About our retracement plan check this analyses
Analysis 1 after catch big sign from $13750
analysis 2 counting our plan from $13750
Also here is a list for most important resistant support levels for btc for the current range between $5500/19500
$12000-12500 Daily resistance ( local resistance)
$13500/14200 weekly resistance ( breakout weekly confirm more growth )
$16150/19500 Monthly resistance ( Very strong, Fomo levels)
$11150/10950 (Local support)
$9500/9100 Daily support ( Breakdown daily = selloff)
$ 7400/6600 ( Strong support Reversal zone)
$5500 ( Strong weekly support, Psychological level of the market)
This update for short/ mid-term movement between $5500/13500 to avoid confusion
Also, as you know we trade only long positions without leverage, so even if we looking for dump we don`t short btc , but we analyze the and movement to extract the best long entry levels for btc and keeping trade with market movement.
About long term:
About our prediction Since breakout $5500?! ( Long Term)
Btc moving in a critical range, the whole movement can be a trap or real recovery, but as we said before close above $7500 means btc takes first recovery step, but to confirm more steps, btc still need to move, so putting prediction, with current movement!! it’s like gambling, But anyway as long as btc hold above $5500 Monthly we expect more growth for btc and the view will confirm by breaking $13500 monthly (was 11500 we changed it to 13500) due this bad performance on monthly frame
After all, you need to know
The expectation does not mean imposing what you want on a fait accompli, It’s just a conclusion from the current movement of what will happen in the future and not necessarily mean the success of that conclusion, anyway…, the reality and what happens, is the movement on which we sell and buy based on it, not the expectation, so we trade and care about movement more than expectation!! but if btc follow what we expect this will be nice, but if fail to do that we care about movement and how to trade it no more.
Our analysis contains two types of updates:
1-short term updates
In these updates, we talk about current movement with for it and conditions to complete the main trend like this update about movement between $$11500 $13750
2- Mid&Long term updates
In these updates, we talk about the main trend and major and best buy zones for trend, and retracement levels and ATH targets also we add perdition for the next movement
To avoid confusion
As a daily trader, you should care about short term updates only
As an investor, u should be looking for Mid&long term updates
For us as analysts, we care about these two types due to all of them running into one cycle!!
Good luck to all.
The Wild Crypto™,
We ask Allah reconcile and repay