BITCOIN (BTC/USD) Bitcoin Coming Uncertainty, key supports not to follow falling down
Today will be an analysis of Median Lines, Fibonacci and Elliot
Let's get started
Weekly MA Analysis
The price has today passed the MA (Average Line) of 20 weekly periods down and has rebounded important that it does not break it and mark a bearish candle in the next weekend.
The candle remains above the 20-period weekly MA at the time of writing this article, only leaving a wick below said MA.
Daily MA Analysis
In 3 days we lost the Average Line of 20 and 200 daily chart periods.
Today the price is supported by the Average Line, MA of 100 periods daily chart and bounces in a bullish way.
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
Today has touched the upper line of the accumulation range, 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
If breaking the line of 100 daily chart periods and the average of 20 weekly and terminal chart periods below said MA, the price could continue to decline with supports at 38000, 36000 and 30,000 dollars.
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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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