Bitcoin Price Action BULLISH +Altcoins Market Update -MOST READ!Good Day LOVE... And it is...
(Note: This is the analysis that I shared before Bitcoins breakout)
Hit LIKE and we start with some phrases coming out of the money people in this reality... And these people have lots of money; let's see what they have to say to newcomers like us (crypto-traders):
"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." - Sir John Templeton
"If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes." - Warren Buffet
"Our favorite holding period is forever." - Warren Buffet (Good thing we agree with Mr. Buffet).
And one more...
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." - George Soros
"Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected." - George Soros
Market corrections, although they can be hard for many, specially beginners like us, are actually very healthy if you believe in the future of Bitcoin and Cryptocurrency... Why?
Because we have to get rid of speculators and weak hands so that our market can keep on growing. So it can be painful now, but trust that growth is on its way... Namaste.
NOW!... Let's to get started with this Bitcoin analysis.
Bitcoin ( BTCUSD ) is looking at a falling wedge , we have good chance to break up but certain conditions need to be met first; we need a strong breakout and to start a close above EMA10 (green line).
I say we have good chances because many bullish signals are starting to build up... So let's take a look at those.
BTCUSD Bullish Signals Showing Up on the chart
Decreasing momentum from the bears.
Bullish divergence showing up on the MACD.
Strong decrease in trading volume .
RSI as oversold as it can get. (I once mentioned that Bitcoin would reverse when the RSI hit oversold... Oversold can be 15, 20, 25... But for Bitcoin this is beyond... take a look at the RSI and notice that it is the lowest that it has gone. This doesn't mean that the bear market is over, but it is surely a signal that we are really, really close - this is what I meant by oversold ).
We have a 'falling wedge' pattern which is bullish . We might break this pattern "passively", sideways, before the move up...
Our main resistance is the wedge trendline as well as EMA10 which hasn't been touched in the past two weeks... I haven't personally seen Bitcoin this depressed since 2014.
But just as you have seen on TV, the quote goes as follow, and it is true...
"Buy on fear, sell on greed."
Chart & Price Action ( BTCUSD )
We find resistance on red rectangles, and yes, we find support on green.
If you are on the bull side, you want a break of the falling wedge followed by EMA10 in order to start a meaningful move up.
While if you are a bear, you would want a break of $3215 in order to continue this bear run.
We also need to consider the possibility of some sideways action in the next few days... Since these markets are highly manipulated (like all markets) then all the signals can easily break, yet we have some really strong bear action, a relief rally is on its way.
And what about the LONGS and SHORTS?
Even though LONGS are increasing massively, 34% in the past two weeks, we have SHORTS near All Time High it is very likely they are about to get squeezed. (76% up since October)
You know how our very simple strategy works... We get to buy low near the bottom, in order to sell high when the price goes up.
It is no good idea to SHORT an altcoin/asset when the price is near a very strong support. Since Bitcoin has deprecated massively, the wiser choice is to go LONG.
Continue reading below as this article goes on...
