Blockman Capital Bitcoin review clients 291119

Blockman Capital Bitcoin review clients 291119


Welcome to Blockman Capital Analysis, today we’re returning to Bitcoin on behalf of our clients and here we’re looking at the three hour chart. Looking at a slightly more extended chart today. Just to explain the price action that we’re seeing currently. Now this goes all the way back through into May. So this is a six month view that we’re looking at. Initially what we’ll look at here is what’s called a line of resistance at around about the $8000 mark so if we put it here and we just extrapolate this forward, we can see that the price hit this eight thousand dollar level and failed away and dropped below it. We did get a head and shoulders formation here, which I’ll come back to very shortly. But if we put this all the way across, something interesting sort of starts coming into view. Now, initially, as I said, we had a head and shoulders part here, which was at the back end of May, the early part of June, when the price actually resisted up at 8 thousand failed way eventually broke through, but before dropping down again. Now once it had retested this eight thousand and really exploded beyond it went all the way up to thirteen thousand five hundred dollars on the price. Now, later on, when we got into October, September, October, we can see this eight thousand level actually became a level of support. Now, that’s fairly typical within the technical analysis view that what was previously a line of resistance can become a line of support. So that’s where we are at the moment with the $8000 level. Also, what we can also see is that by the same token, what was the line of support here, which was around about the seven thousand five hundred level. And again, we can see that this was the line of support, the price retested 75 before moving back up, has now become a potential line of resistance on the current price. And that’s why we’re following this at the moment. So here it was a line of support. We see it hided a number of times and bounced off. We’re currently on that same and again here. Hit it and bounced off. So a clear level of support wrote that price again on the upside. So we’re closely watching things. This could easily become a line of resistance. So we’re expecting at the moment either a retest up to eight thousand dollars on the price of bitcoin or a collapse away over the weekend and perhaps retesting back down as low as this sort of seven thousand one hundred dollars level. So a bit of a nice hedge going into the weekend, but we’re well poised to capitalise on it on behalf of our clients. Thanks very much.

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