Bitcoin (BTCUSD) hit a low on the 30-Sept. and has been moving higher, slowly, since...
A peak price was hit yesterday (11-Oct.) at $8,820 with a long-wick/huge rejection candlestick.
But still, we believe Bitcoin will bounce and move higher, why?
The volume on the drop is really low... Bears are lacking strength. If Bitcoin drops some more and there is still no volume, then the bounce is guaranteed.
The RSI is still doing good above 40. Not strong but still good if above 44, right now it is 47.97.
Note: The blue rectangle is the potential sideways path for Bitcoin if it decides to do some sideways consolidation.
Multiple scenarios are drawn on the chart...
Where do you think Bitcoin is headed next?
Share your thoughts and charts in the comments section below.
Thanks a lot for reading.
This is Alan Masters.
Namaste.
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ARKBTC (+32%)
SCBTC (+45%)
RLCBTC (+69%)
MDABTC (+150%)
ZRXBTC (+100%)
RENBTC (+51%)
DOGEBTC
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Bitcoin Bouncing Again | Will It Hit $9,000 Today?
See it below... Remember to comment and hit LIKE to show your support:
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If you want to look even closer... We have also the 1H (1 hour per candlestick) timeframe.
So identical daily wicks on October 7th and 9th (in terms of size of volume) to the one on the 11th... but if it's a bullish candle it's "good volume" if it's a bearish candle it's "low volume"...? Not putting anything on you, just speaking about 'sentiment' in general.
AlanSantana
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@rhasan1987, I am not talking about the one on the 11th, I am talking about that one and the ones that follow...
There is also less volume on the 11th compared to the 9th...
Namaste.
rhasan1987
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@alanmasters, like i said, i was saying in general, not a dig at you. the volume isn't significantly more or less, hence I said 'identical' not 'exact'... I like your work even though for whatever reason I've never been able to profit off it, but just because I haven't doesn't mean other haven't, and you're a very integral part of this community so thanks for sharing your knowledge :)
AlanSantana
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@rhasan1987, It is my pleasure, your comments are appreciated and I am open to all help, perceived negative, neutral or good... It is all welcome as it helps me grow and learn... Thanks.
Namaste.
bilalNinja
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Very good work, i have seen your old charts and even in the bearish market your analyses were correct. However, sometimes it takes times but mostly hit the targets unless there is no manipulation in the market. :) I’m still waiting for your updated analysis about Matic, last time it was in August which hit the target but now I need to set new ones :)
Cheers!
Namastay
AlanSantana
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@bilalNinja, Thanks for the comment and for sharing...
I shared two new analyses for Matic Network (MATICBTC), find them below...