BITCOIN (BTC/USD) Key Day Weekly Close, Uncertainty, key supports for bullish movements.
Today I will do an analysis of a possible ABC movement of elliot also I will do analysis of the Middle Lines such as supports, Fibonacci and Elliot.
Let's get started
Weekly MA Analysis
The price remains above the MA (Average Line) of 20 weekly periods, at the time of writing this article.
This week we saw the price pierce and it has rebounded important that the candle does not close the week below the 20-period midline to continue thinking about new highs.
Bullish indication
Today closes the week and everything indicates that the price will close above the 20-period MA, it would be a bullish indicator.
Daily MA Analysis
Today the price returns to support the Average Line, MA of 100 periods daily chart and bounces upward.
It is important to maintain the 100-period MA to continue thinking about an upward movement with new highs in the price of bitcoin.
If it remains above the 100 MA, the price will surely remain in a range since the fall was 25% from its maximum of 53,000 dollars.
Accumulation range
Yesterday it touched the upper line of the accumulation range, again, acting as support, the price should stay above the range in the next few days.
Elliot's ABC correction
We could have finished an Elliot ABC correction and started to see a new bullish cycle in the next few days.
Downward analysis
For now, the 100-period line has served as a price support. If it breaks the line of 100 daily chart periods and the average of 20 weekly and terminal chart periods below these MA, the price could continue to decline with supports at 38000, 36000 and 30,000 dollars.
Elliot's Bullish ABC
The 30,000 could have been the Bitcoin price floor and was forming a bullish ABC wave cycle.
Where A and B would be formed and C would take us back to the maximum price of $ 64,000 for each Bitcoin.
Analysis on the upside.
Weekly it looks like a normal correction, we have not lost moving lines. Keep giving bullish signals.
It is important that today close the week without losing the mobile line of 20 weekly periods.
Analyzing the daily chart more resistance is seen, it does not look as bullish as weekly since it has broken several important moving lines the 20 and 50 periods daily chart.
You must overcome them again to start thinking about an upward cycle that initially reaches the previous high.
The price has to break the 20-period MA week line, and the 50-period MA line, now two strong resistances for approximately $ 47,000, to think about the start of a new bullish momentum.
If the price of these values takes off, it could rise again to 64,000 dollars in a few weeks, that is, the middle or end of October.
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
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