alanmasters
Long

Bitcoin Bounces To $9k, Likely Go Mid $6k Next Month + Altcoins

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) is now moving within a descending channel , going lower.

Now I am seeing a potential bounce in place or further drop .
Bitcoin can easily move lower, according to the chart above, but a bounce is also very likely.

As for the mid $6,500 price (I am looking at the $6200 - $6500 range), I am looking at this level for Bitcoin ( BTCUSD ) to fully complete this retrace... Depending on how this level is handled, we can think about Bitcoins next move.

Here is what I see:

  • 1) If Bitcoin can bounce at current levels with good strength and volume , it can resume its recent uptrend... But this is very unlikely as the chart is right now but there are always unexpected events that can happen... So just as we can see strong drops come out of nowhere, in the same way, "magical" reversals in price can happen... But we focus on the chart...

  • 2) Bounce and then moves lower. Bitcoin ( BTCUSD ) can easily bounce at current levels... Why? The RSI is at its lowest it has been since November 2018... This where the RSI hit bottom for BTCUSD at that time and what followed was a long-term sustained growth period.

  • 3) More drop can also follow, right away with no bounce... Such a drop would quickly be bought up leaving a long-wick. Less probable but completely possible right now.

Share your own perspective or view in the comments section...
Keep reading below!


Feeling the market
One more drop , bounce or drop , and then we are very likely to see this retrace over but, we remain open to see how the last drop will be handled by the market and update our view once this happens.

Bitcoin isn't likely to hurry... Whatever will happen next, it is very likely to be drawn out process, just like it took a while to break the descending triangle created when the last peak was hit back in June. So everything can take a while... While the altcoins grow...


Altcoins profits
Continue buying, collecting and accumulating altcoins.
Be smart, be patient, be active...
Know the risks involved, do your own research and take it!

Buy-in, learn, trade, read, study...
Hit like to show your support.
Give yourself some time... Patience...
And later come to collect your profits.

This is Alan Masters.

Thanks a lot for reading.

Namaste.
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