Hi Traders! Bitcoin forecast update and follow up is here. On February 2nd I shared this “Bitcoin Short Term Buy Idea Towards Key Resistance Zone” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
Bitcoin H1(1 Hour) Chart Current Scenario
On the H1 chart, the price action followed my analysis and moved as per the plan. The price which was moving lower reached the strong support zone, respected it, and bounced higher from this zone. The last divergence we had here was a bullish divergence, the price then moved higher further and reached the key resistance zone exactly as I expected.
On the M15 chart, the market provided us with various facts supporting the bullish view. We had a correction in the form of double wave down with the price creating a bullish hidden divergence between the first low that has formed at 33397.59 and the second low that has formed at 34360.86 based on the MACD indicator. The price then moved higher and broke above the most recent downtrend line and retested it. We may consider these as facts provided by the market supporting the bullish view. The price then moved higher further and provided an excellent move to the upside.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
(Note: You can follow us here on Trading View and also on our blog to get similar ideas on a daily basis)
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To your success,
Vladimir Ribakov
Certified Financial Technician
