AlanSantana

Bitcoin Can Easily Move Lower or True Bounce In Place? i|Altcoin

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) can easily move lower... According to the signals coming from the chart above.

My last analysis showed that the signals were weak and that Bitcoin could move down since it was rejected for the fourth time by strong resistance... You can see the full analysis here:


Now, we are going to have a shorter-term look at the chart.

Bitcoin ( BTCUSD ) on The 4H Time Frame / Scale
  • First we have what appears to be a bullish engulfing pattern, a strong one, to push BTCUSD back above EMA10. (https://www.tradingview.com/x/AbkwVvBI/)
    If the red trendline can be conquered, Bitcoin can easily move higher... but if it remains below it, as it is now, we can expect additional retrace.

  • Trading back down below EMA10 (candle close is needed for confirmation).

  • Bearish MACD and trending lower.

  • RSI on the bearish zone and trending down.

  • Retrace has gone to 0.5 Fib. of the last wave, can easily go lower to 0.618, 0.786 or 1.

  • The GREEN trendline would support Bitcoins price if it turns upward.

Feeling the market: Bitcoin can easily go lower, that's the feeling right now... The signals are above.


Altcoins

I mentioned the altcoins market in my last update for Bitcoin , which can be seen here, and that the alts would start moving from this point forward... Now...

I am seeing more pairs on Binance producing very strong bullish setups that can produce massive impulse waves...

Just watch... You can check my profile for some of those...

Thanks a lot for the support.

Namaste.

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