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Bitcoins Next Move 6, 500 or 6, 000 Technical Analysis

Bitcoins Next Move 6, 500 or 6, 000 Technical Analysis
Bitcoins Next Move 6, 500 or 6, 000 Technical Analysis

Bitcoins Next Move 6, 500 or 6, 000? Technical Analysis hellos Markham alquwain buzz and today were gonna look at Bitcoin as we wrap up the weekend and see what might be in store for us into next week and well also dive into a couple coins that we found on the trading view screener that might be some hidden gems over the next seven days so lets start taking a look at the charts here we are in the Bitcoin USD sixhour chart I wanted to extend out some of the candles real quick for you were on the hike and a sheet candles and so before we get into this I did want to say dont even bother leaving your comments below about how the markets manipulated ta doesnt work this market doesnt respond to TA this is the trading channel that we were talking about getting into last week it ended up happening it happened faster than I thought it would but it didnt have happening you can be wrecked in this market if you want to be I think most people that dont believe in TA and then when a spat out that it doesnt work is because they dont understand it they dont know how to do it and so its easier just to say that the markets way too manipulated for taa to work and so to that I say so are the traditional markets my friends ta works in a traditional markets it works in crypto to Martin and I will teach you how to do it soon well have a membersonly section where you guys can learn step by step how to get the charts in front of you and how to look at them through a number of different tools and make your own assessments on how you want to strategize based upon whether the market potentially is gonna go up down or sideways and yes that is ta there is no crystal ball here its a matter of setting a strategy against what youre seeing so that you know what you want to do if the market goes down if it goes up where those places are going to be and how youre going to react so lets just take a look at Bitcoin right now and see what those potentials might be in the upcoming week what we had happen was that little flash crash obviously everybody was around to see that about 5 wiping out all of the positive momentum that we had basically over a month and now it looks like weve set up a little bit of a bear flag here this is on the sixhour chart were getting a nice candle but lets see what the volume looks like a little bit of a rise on volume but it doesnt take much to get this kind of movement when you dont have volume in the market so although this candle would be very nice potentially here in the next six hours it could close up in this area right back here and and engulf some of this action still gonna be something were gonna take a look at because this could merely be dipping into some liquidity back here in this previous swing low we really have to see how that next candle sets up because right now this still looks like very much like a Bear Flag lets take a look at a couple other things one is if this does break down were gonna be looking at a target for based upon this flagpole and thats how you do your measure move take that down lets just say breaks out from this high back in here which looks like its gonna be our resistance area well take a look at that in a minute and that would put us roughly at about six thousand dollars once again so well take that off and lets take a look at our daily chart and here we are in our one day chart our daily chart and if we back this up just a little bit you can see thats where the majority of the price action has been this area in the orange which is at risk of being broken into if we hit that flagpole that we talked about in the sixth eye and we come down to the six thousand dollar range thats the top of this box there is not a lot of support up until the fifty seven hundred dollar range and if we break through that fifty seven hundred or fifty six hundred then there is absolutely nothing in here to hold us up until we get down to forty five that would be a very quick fall a very quick drop I dont think that we end up getting there I think that this and this looks like very much like an accumulation area for us which means that theoretically we hold up the six thousand dollar range and test back in these prior swing lows potentially at 5, 800 but then swing back out and start trying to retest some of these areas that we were sitting at before as support at sixty seven hundred dollars you know sixtyfour hundred dollars was our resistance line that were looking at based upon the volume by price range but it looks like on that six hour candle that were gonna test that potentially and see if we cant break through most likely based upon some of the other indicators were gonna look at that will act as resistance for us still and that bear flag then could play out after hitting this resistance potentially like this if that candle continues to carry through on to the daily chart but if we comes up and hits resistance then potentially we will look at that six thousand dollar range again based upon the the target that we were looking at from this flagpole so that would be the measured move if we look at each muku cloud Ive changed the moving averages because weve been in such a sideways movement lately that I typically would double up the Ichimoku cloud Ive now converted youve got the nine and the 21 as moving averages using the standard settings so you can see all of that is lining up as a resistance right in here if you carried out the cloud further you can see that that also acts as resistance weve got some candles that reacted against sit back in here so that is going to be a very strong resistance area for us right now the each of muku cloud does not give us any encouragement that were going to be able to see a break above this resistance line it does look like we have some volume coming into the market so thats a positive thing if we can break through this our next resistance area is going to be up in here at about 6, 600 so Ill move to the upside and a breakthrough of the 6450 puts resistance at 66 50 I break down through the support line of 63 25 brings us down to a potential of 6, 000 back in here 61 6000 somewhere in there I wouldnt be surprised if we traded in this zone sideways for a while before we make a decision on whether were gonna break out of here or break down from here we can see a lot of our volume has happened in that range but until we break out of that 65 Im going to be watching this area very closely the 6300 to see if we can maintain support there if we did a real quick trend based Fibonacci wed be looking at finding that support of the 32 that you can see where were just above right now if we broke down then the next logical area is also that 6, 100 at the 0.5 a break down from there takes us even lower down to 6, 000 and if for some reason bitcoin willing to hit that golden area based again on upon a trend Fibonacci at the 786 were sub 6000 down to 58 which coincides back here with our swing low not uncommon if we had a breakdown of the support to try and find the next swing low so be looking for those zones that we were talking about those are critical areas to be watching for because if we break through that 6, 100 its not too farfetched and it wont take too long to happen to get down to that prior swing low okay were gonna look into a couple coins real quick that are popping up on the screen Iran trading view right now 0x which we know got listed on coinbase and were the 12hour chart here Xerox found its bottom in the middle of September and has been on a nice steady climb since then this could be a lot of the coin base factored into the price already but if we just zoom in on the price action just a little bit its testing out the resistance right now around 77 cents trying to find support at 74 cents and it looks like its setting up a nice little bull flag right here also trying to find the support at the 786 on the Fibonacci that resistance at the onetoone ratio from its low down here if it could test that at least a support thats at 81 and a half cent somewhere in there and if this bull flag pans out on a measured move that would put us right about at that resistance area of 88 cents so theres 0x looking pretty encouraging right now and one more for you polymath this is the coin that is running the platform for security tokens much like the etherium of security tokens and right now its got a nice trajectory up since the middle of September its bucking the trend finding resistance of the 22 cent area finding support at 18 and 12 cents and lets just look at the Fibonacci to see what some of the targets might be zooming in that support coming in right in at the point 5 on the fibonacci and the resistance right now sitting at the point 6 1 8 it looks like its gonna try and break through there and go back up to that 7 8 6 it looks like it was getting ready to break through that 7 8 6 and try and find support there except that we had the whole market kind of crashed out underneath us over the last few days but finding a nice trend this could be a nice coin trying to hit that 786 at the 21 and 12 cents and if it makes a 1 to 1 then it gets up to 23 and 12 cents which from its current price point would be a very nice 20 gain and thatll wrap it up for tonight a couple coins for you on top of Bitcoin hopefully this helps out for you dont forget to join us on out coin buys io and check out that contest that we have going on giving away some great prizes there should be a link for you down this description below so that you can enter in until next time may all your trades be good ones

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