BTC-USD major support

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arbusers
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BTC-USD major support
« on: March 19, 2020, 05:58:46 AM »

This is one of the most important weeks in the history of BTC and cryptocurrencies. We have seen two large downward moves in the crypto markets on March the 12th. The first move down was -25% and it was absorbed orderly by the market. The second move down, caused the market structure to break and subsequently led to Bitcoin crashing below $4,000 for some minutes, marking the worst single-day price drop in the last years.
It is easy to explain the first leg down that was caused by the financial crisis caused by Covid19 and the flight to safety for many investors. The 2nd leg down, could not be explained without speculation. I will not get into the speculation, as it is not my style and I can't really live with the market's gossip.
What I can comment, is that BTC price was balanced on a strong support line coming from the very beginning of the BTC ecosystem.

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Please notice, this is a BTC-USD diagram.

The obvious finding of this diagram is that BTC touched a major support and logically we should expect a bounce back to higher prices as this is the norm that history teaches. It remains to be seen if this materializes in the coming period.
However, there is an asterisk in our analysis that one should take into account. As stated in the introduction of this post, BTC moved down to 4000$ for some minutes. Technical analysis would normally name this phenomenon as a false break. History is teaching that false breaks are usually reconfirmed after some time.
To some up, for the short/mid term, I would expect some higher prices from BTC. For the long term, the support line will be tested and most probably will be broken

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neopas
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Re: BTC-USD major support
« Reply #1 on: March 20, 2020, 10:55:57 AM »

Well done Boss once again. Easiest and fastest 1000 euros ever.
What an eye!
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arbusers
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Re: BTC-USD major support
« Reply #2 on: March 21, 2020, 06:40:26 AM »

We anticipated a move of 29.5% within some hours. BTC moved from 5280 to 6840. I hope you benefited from that.
At this point, it would be good to say some more about the future price range of BTC.

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Notice, this is the BTC-USD chart.

As you see we have 2 very strong lines, coming from many years ago. These 2 lines will have to meet each other before the end of 2020. History have shown that when triangles like this are broken, the price is moving violently. Usually, we see a false break and then the price moving in the opposite direction.
At this point, I can't say if you should be long or short. But if you ask me which is more possible...I would say that the triangle will break in downfall to reconfirm the break we have seen earlier this week.

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« Last Edit: March 21, 2020, 06:52:07 AM by arbusers » Logged
cigo
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Re: BTC-USD major support
« Reply #3 on: March 21, 2020, 09:03:05 AM »

In this time when thair is world resesion infront of the door, and no beting activetis.. I think this forum should start to talk about investmen (oil, btc, stocks,realestate...) This will be a big oportunety  for biger players here to make nice new income. Becouse in betting  when we come to certain amount of money we cant use this more for  betting. We saw many bookies go dawn in past, so not safe to keep money you dont  need for betting on bookies. Ewolets also close accounts somtimes with no reason becouse one bookie press on tham. 
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ISIN
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Re: BTC-USD major support
« Reply #4 on: March 21, 2020, 11:38:32 PM »

Thanks for these posts, really appreciate your work Arbusers.
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