Bitcoin Simply Thought - BTC Price Analysis
Hello dear readers,
I am a big fan of keeping the chart simple and clear.
I think there is a common thread in every chart. Of course, there are hundreds of analyses and approaches for one and the same situation. But the intersection, that is, the overarching direction of the market participants is particularly interesting. It is like a primary trend (not individual), with the corresponding outliers in the secondary trend (individual opinion). To recognise this intersection, a clear analysis is often better in my view. The obvious factors will have the most influence, and not a swing in one of x indicators.
That is why I have kept this BTCEUR analysis very simple but relevant:
- The primary trend continues to move bullishly in an uptrend channel. It is always more likely that a trend will continue than that a reversal will occur. . Accordingly, there is no good reason for this corner to believe in a trend reversal in BTC as long as the trend channel with the D-Close can be held!
- On the contrary, the price is currently at an entry point from the perspective of the trend channel.
- Resistance becomes support! After Bitcoin first failed very frequently at the horizontal resistance zone marked, it finally managed to break through. A resistance that can be overcome becomes a support. As this resistance was very strong, I also estimate the support to be strong.
Conclusion:
- The market structure remains intact.
- The price is at an exciting entry point. Support here is provided by the trendlines and the horizontal level.
- The price target looks realistic, a sensible SL enables a trade here with a CRV of over 4.
- If the trend channel is left with the closing price, I end the trade.
As always, it is "do your own research" - I am not an investment advisor and this analysis only reflects my personal opinion and is not a call for individual action!
If you want to support my work I am happy about a Like & Follow 🙏
Best regards & success!
Chartdigger
I am a big fan of keeping the chart simple and clear.
I think there is a common thread in every chart. Of course, there are hundreds of analyses and approaches for one and the same situation. But the intersection, that is, the overarching direction of the market participants is particularly interesting. It is like a primary trend (not individual), with the corresponding outliers in the secondary trend (individual opinion). To recognise this intersection, a clear analysis is often better in my view. The obvious factors will have the most influence, and not a swing in one of x indicators.
That is why I have kept this BTCEUR analysis very simple but relevant:
- The primary trend continues to move bullishly in an uptrend channel. It is always more likely that a trend will continue than that a reversal will occur. . Accordingly, there is no good reason for this corner to believe in a trend reversal in BTC as long as the trend channel with the D-Close can be held!
- On the contrary, the price is currently at an entry point from the perspective of the trend channel.
- Resistance becomes support! After Bitcoin first failed very frequently at the horizontal resistance zone marked, it finally managed to break through. A resistance that can be overcome becomes a support. As this resistance was very strong, I also estimate the support to be strong.
Conclusion:
- The market structure remains intact.
- The price is at an exciting entry point. Support here is provided by the trendlines and the horizontal level.
- The price target looks realistic, a sensible SL enables a trade here with a CRV of over 4.
- If the trend channel is left with the closing price, I end the trade.
As always, it is "do your own research" - I am not an investment advisor and this analysis only reflects my personal opinion and is not a call for individual action!
If you want to support my work I am happy about a Like & Follow 🙏
Best regards & success!
Chartdigger
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