Bitcoin's rise to the top has been stopped by heavy resistance... Let's take a look at the chart together and see what will happen next and the different potential scenarios... Feel free to hit like to show some support.
Bitcoin Daily (1D) Chart Analysis by Alan Masters
Good Saturday, let's start by calling our attention to the "Purple trendline", notice how it stopped Bitcoin's growth multiple times, 4 total... This is an important resistance level. We can say that if Bitcoin manages to remain above this level, it can easily move higher (green arrows).
The "Brown trendline" at the bottom is working as our main support for the range trading/consolidation phase.
After BTCUSD was rejected for the fourth time from the purple trendline, it is likely to test lower support... But we trade based on candle close and we see Bitcoin staying above EMA10 and EMA50. If these levels hold, namely $10,300 - $10,350, Bitcoin can try and challenge the upside again... But if this level breaks, we are looking at around $9500 - $9650 next.
The RSI remains strong above 50.
Here we have to wait and see how the charts will develop. Our main bullish vs bearish potential indicator is the EMA10 line, so we remain bullish as long as BTCUSD is trading above this level.
On a break below EMA10, we look for support.
Overall, Bitcoin is likely to move lower since it already touched the purple trendline again and was rejected. In order to move any higher, this is the resistance that needs to break FIRST. If it can't be broken, Bitcoin moves lower...
Altcoins Market Update
I've been looking at many ALTSBTC charts and some did massive numbers in the past 2 weeks, numbers we haven't seen in months... But at the same time, many others went lower and hit new lows...
What is going on?
Now we see the strongest altcoins pairs (all top altcoins minus top 10) maintaining their last low and even moving higher. We see Bread (BRDBTC) which made a 100%+ move today...
In conclusion, the altcoins pairs vs Bitcoin will move strong starting now and after the 15-18 September.
We all had plenty of time to accumulate, buy and go long. We all had plenty of time to see the market red going down more and more.
We only have a few days left and big change will come to us...
So get ready... Be prepared... The Altcoins Market will run like never before!
Feel free to share your charts and ask any questions, on the comments section below...
Namaste.
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Altcoins (many more will be doing similar numbers in just a few weeks):
BRDBTC (+144%):
SNGLSBTC (+94%):
BKXBTC (+151%):
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TOTAL Cryptocurrency Market Capitalization | Keeping It Simple!
Crypto Total Market Cap Exclude BTC (TOTAL2) | Bulls Vs Bears
BTC Dominance Facing Resistance Soon! (Where To Next?)
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Bitcoin daily close:
- Trading above EMA50/10. - Sideways consolidation is also possible, another scenario to consider...
Chart:
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Moving lower... New update coming.
Thanks a lot for the support.
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Check the results for our recent leveraged trades...
EOSU19 (+73% ROE)
XRPU19 (+15% ROE)
ADAU19 (+33% ROE)
We are also short on XBTUSD as can be seen in this analysis...
Thanks a lot for the support.
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Bitcoin Cash (BCHABC) Gaining Momentum? | How Far Up Can It Go?
EOS Long-term | 530%+ Profits Potential to ATH
adToken Is About To Jump (Easy 150%+ Profits Potential)
Ardor Is Already Moving (Easy 60%+ Profits Potential)
Etherparty Looking Good (40% Possible Within Days)
@alanmasters, That is correct, but we should play one level at a time. For it to go lower we would first need a close below 10030 on a relevant TF... Then there should be some kind of pull back before actually testing lower imo
AlanSantana
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@VincePrince, Nice chart, it is a nice view, we will see how it plays out.
PurpleCrypto
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I'd appreciate it if you stop trolling me on Trading View and Telegram and copying my words. "Good Saturday" and "As Promised". While I'm here, here's my chart for BTC.