Bitcoin – On the 01/05/18 at 11.30am Price = 9028.00 – LONG SCENARIO
– Currently we are stalling and finding Resistance at the zone of Support and Resistance between $9200.00 – $9750.00.
– If we get a break and close above $9750.00 ($10,000.00 even handle psychological number) then there is a high probability there will be a re-test of a major major zone of Support and Resistance on Bitcoin between $11,150.00 – $11,800.00.
– As stated in previous posts this is a major zone of Support and Resistance ($11,150.00 – $11,800.00) on Btc and unless we break and close above $12,000.00 on Bitcoin price will continue to be in decline or range bound.
– By reading the PA on Btc we understand that Btc went from $6k ($5900.00) to $12k ($11,800.00), Double topped at this zone of S & R ($11,150.00 – $11,800.00) and then declined all back down to $6,500.00. Therefore PA is signalling to us that this a a major zone of Support and Resistance on this pair.
– The structure of price action of Ethereum is very similar to that of BTC.
– ETH needs to break and close back above $730.00 for the near term to rally back up to a zone of Support & Resistance between $810.00 – $850.00 and then a break and close back above this zone of Support and Resistance will increase the probability of a re-test of all time highs (ATH) of $1420.00.
– Again this is dependent on the price of Bitcoin.
Ripple (XRP) :
– Ripple needs to break and close back above $1 and then $1.40 in order to see a potential re-test of ATH’s at $3.5.