Bitcoin: Another HUGE Move is Brewing!
Coin Savvy here with yet another analysis for all of you! There’s something I want to talk about with all of my viewers and it’s the 3 day chart.
If Bitcoin closes this 3 day candle above its 200 sma then I would expect a move to the $9,000 to $10,000 region, this may take some time after the close as we are dealing with higher time frames which just takes time so have to think longer term.
If Bitcoin closes this 3 day candle below its 200 sma then I would expect a move back down to the 3 day 200 ema around $5400 to $5500.
The bullish target is using previous price history, May of last year we put in a top around $10,000 price per Bitcoin and I think this rally is extremely bullish, the weekly and monthly charts are extremely bullish (weekly closing above its 50/55 ema and monthly closing above its 21 ema) so this thing may have a little more juice in her and $10,000 is the only next real resistance besides the local top around $8400 but if we march back up after closing this 3 day above that 200 sma then I see us blasting through that local top.
The bearish target comes from a multitude of things, I will list them below:
a.) Monthly 21 ema - $5425
b.) Weekly 55/50 ema - $5450
c.) 3 Day 200 ema - $5450
d.) 2 Day 200 ema - $5450
e.) Daily 377 ema - $5400
As you can see we have EXTREME support in this region.
I would say this is a simple setup... Close above the 3 day 200 sma, go to $10,000.... Close below the 3 day 200 ema, go to $5400... We can figure out what happens after that once this takes place... Remember to take things one step at a time.
The 3 day candle is going to close tomorrow at 8 pm EST so that will be my determining factor whether I go long or short. This is the great thing about TA, having a plan for either scenario!
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis .
If Bitcoin closes this 3 day candle above its 200 sma then I would expect a move to the $9,000 to $10,000 region, this may take some time after the close as we are dealing with higher time frames which just takes time so have to think longer term.
If Bitcoin closes this 3 day candle below its 200 sma then I would expect a move back down to the 3 day 200 ema around $5400 to $5500.
The bullish target is using previous price history, May of last year we put in a top around $10,000 price per Bitcoin and I think this rally is extremely bullish, the weekly and monthly charts are extremely bullish (weekly closing above its 50/55 ema and monthly closing above its 21 ema) so this thing may have a little more juice in her and $10,000 is the only next real resistance besides the local top around $8400 but if we march back up after closing this 3 day above that 200 sma then I see us blasting through that local top.
The bearish target comes from a multitude of things, I will list them below:
a.) Monthly 21 ema - $5425
b.) Weekly 55/50 ema - $5450
c.) 3 Day 200 ema - $5450
d.) 2 Day 200 ema - $5450
e.) Daily 377 ema - $5400
As you can see we have EXTREME support in this region.
I would say this is a simple setup... Close above the 3 day 200 sma, go to $10,000.... Close below the 3 day 200 ema, go to $5400... We can figure out what happens after that once this takes place... Remember to take things one step at a time.
The 3 day candle is going to close tomorrow at 8 pm EST so that will be my determining factor whether I go long or short. This is the great thing about TA, having a plan for either scenario!
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis .
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