In our last post dated 7th October 2018 on “Future Price Objective of Bitcoin Crypto-Currency: XBT/USD” we wrote, “Now if the close of Bitcoin Crypto-Currency is staying above or below the said 2 support and 2 resistance lines then there is a possibility of a price move up or down respectively”. Price after breaking our designated support lines at around 6,258 and 6,105 levels, collapsed more than a massive 3,000 points within a month only.

In this post, we have highlighted the possible future price movement of Bitcoin Crypto-Currency (XBT/USD) with the help of our Technical Analysis as shown below. There are 2 time frames in which we have done our analysis, viz. Yearly and Monthly.

The chart below shown here is a yearly time frame chart of the Bitcoin Crypto-Currency (XBT/USD) pair. The Fibonacci is drawn from the lowest value of 0 USD to the highest value of 19,764 USD achieved last year. Now the last support line out of the drawn Fibonacci (88.6%) can be seen at 2,253 level. At the time of writing this post, Bitcoin is trading at 3,427 level as shown below. The difference between the said support line and the current price is 1,174 points.

Bye Bitcoin?

The next chart below shown here is a monthly time frame chart of the Bitcoin Crypto-Currency (XBT/USD) pair. The horizontal support line is drawn from the swing high value of 2,980 USD achieved last year in the month of June. At the time of writing this post, Bitcoin is trading at 3,427 level as shown below. The difference between the said support line and the current price is only a mere 447 points.

Bye Bitcoin-Monthly

Now we need to observe closely the said 2 support levels as of now, i.e. 2,980 and 2,253. The break of these supports can be disaster for the crypto named Bitcoin.

Our post dated 7th October 2018:

After going through this Bitcoin Crypto-Currency (XBT/USD) Technical Analysis, you will be in a position to understand the following:

  1. Why Price of Bitcoin Crypto-Currency (XBT/USD) is doing what it is doing as of now,
  2. What are the specific support and resistance levels for Bitcoin Crypto-Currency (XBT/USD) we are illustrating here according to our current observation,
  3. What Price of Bitcoin Crypto-Currency (XBT/USD) can do in future if the said Market Structure matures,
  4. How you can take advantage of Our Technical Analysis for the Bitcoin Crypto-Currency (XBT/USD) Market.

Bitcoin Crypto-Currency

1> Why Price of Bitcoin Crypto-Currency is doing what it is doing as of now: Price of Bitcoin Crypto-Currency at the time of writing this blog post is 6,540. As of now the price of Bitcoin Crypto-Currency is trapped between the resistance line drawn from the swing high of 23rd of September 2018 to the swing high of 4th of October 2018 (below pink line) and the support line drawn from the swing low of 25th of September 2018 to the swing low of 3rd of October 2018 (green line below):

Bitcoin Crypto-Currency Support-Resistance

2> What are the specific support, resistance levels for Bitcoin Crypto-Currency we are illustrating here according to our current observation: The long-term trend line support is generated by joining the 2 swing lows of 24th of June 2018 and 29th of June 2018 for Bitcoin Crypto-Currency. Price also has created a secondary medium-term support line drawn by joining the 2 swing lows of 14th of August 2018 and 19th of September 2018 for Bitcoin Crypto-Currency. The long-term trend line resistance is generated by joining the 2 swing highs of 25th of July 2018 and 28th of September 2018 for Bitcoin Crypto-Currency as shown below:

Bitcoin-Crypto-Currency

3> What Price of Bitcoin Crypto-Currency can do in future if the said Market Structure matures: Now if the close of Bitcoin Crypto-Currency is staying above or below the said 2 support and 2 resistance lines then there is a possibility of a price move up or down respectively.

4> How you can take advantage of Our Technical Analysis for the Bitcoin Crypto-Currency Market: To technically identify the next possible price objective for Bitcoin Crypto-Currency in the Professional way so that it will be easier for you to Trade Bitcoin Crypto-Currency pair in future from the current level and to find out the answers to all your Trading related queries, please contact us at 03 9566 7275 and book your FREE discussion session for 30 minutes at Level 3, 2 Brandon Park Drive, Wheelers Hill, Victoria 3150.

Now you can learn how to trade Bitcoin Crypto-Currency with us to explore the possibility of earning passive income keeping your day job.

Our Proprietary Crypto-Currency Trading Strategy will guide you through every step of your trading in Bitcoin Crypto-Currency and explore the possibility of earning extra income. Learn what all other Crypto-Currency Pairs we are Trading in our  Crypto-Currency Trading Asset Class. Develop yourself as a professional trader capable of capturing second income in the future with us.

Please click on the Contact Us link: Goo.Gl/2SRZoG

Call us on +61 3 9566 7275
email: info@npfinancials.com.au

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