IN Bitcoin Looking To Retrace, $10,400 Possible, Full Analysis!The Bitcoin charts are changing and the BTCUSD pair might be looking to retrace... But we have multiple scenarios that can play out, so let's take a look at those and where are the relevant resistance and support levels.
We start with the chart as it is now:
Bullish Bitcoin : Bitcoin (BTCUSD) made a strong bullish move and grew by 35% from the 28th of July until the 6th of August.
After reaching a peak price at $12325, we are seeing early signals for a potential retrace, but Bitcoin remains bullish as long as it is trading above EMA5/EMA10... Here are the different scenarios:
1) Bullish Bitcoin. Bitcoin moves higher past $12325 and challenges the next resistance at $13,200. The main challenge to break to move higher here is now sitting at $12,325.
2) Bearish Bitcoin. With three days in a row failing to break the last high and EMA10 not being tested since the first of August, Bitcoin can potentially move down looking first at $11,260 as support (EMA10), followed by $10,400 (EMA50) if EMA10 can be broken with good strength and volume.
For the bearish scenario, we can see the MACD starting to curve down. A bearish divergence can be spotted on the RSI but this one still remains strong above 50.
Feeling of the market. Looks like Bitcoin (BTCUSD) can still make a surprise move and change what is starting to appear as an imminent retrace... The feeling we are getting is that there might be one final push up... If this push doesn't happen, expect for BTCUSD to move down and test $11,260 first to either bounce here or go a bit lower before we can analyze the next move.
Market action. Any trading above EMA10 (green line / $11260) we consider bullish and Bitcoin's bullish potential remains to test higher resistance levels/targets.
If Bitcoin breaks below EMA10, we focus on the bearish potential and test the next support.
Altcoins break. Looking at some early signals coming out of the altcoins pairs, Bitcoin might start its retrace within 5-7 days...
What about you?
Where do you think Bitcoin is headed next?
What about the altcoins market, is it gone?
Share your thoughts with us in the comments section below...
Namaste.
XBTUSD
Bitcoin IN Weekly Update (Bullish vs Bearish Potential)Let's take a look at Bitcoin weekly... Our analysis while looking at the weekly time frame/scale; one week per candlestick...
Feel free to hit like now and let's get started...
Bitcoin Weekly Chart Analysis by Alan Masters
Brown dashed trendline:
1) First, let me call your attention to the dashed brown line above. This week candlestick is challenging this trendline and trading above it, a close above this level would give Bitcoin further bullish potential (increase its value/grow in price). A close below and we are likely to retest lower levels at $10,900 and possible $10,150 as well.
EMA10 & TD Sequential:
2) EMA10 was tested and held nicely as support. Trading above EMA10 tells us that Bitcoin remains strong and we look to the side of the bulls.
The TD Sequential started a new positive count. This is a great signal especially if the week can close above $11,480.
Strong RSI:
3) The RSI is really strong at 70.39 and can move higher. We can see an ABC correction after a double top, after this correction another move up can show up.
MACD showing bearish divergence
4) The MACD is on the bullish side and allows for additional growth, but, it is printing now bearish divergence. This divergence can be eliminated with a strong big green candle or it can become stronger... Right now it isn't as relevant, it all depends on how the week closes.
My feeling of the market and charts
The overall feeling I am getting is that Bitcoin (XBTUSD / BTCUSD / BTCEUR or BTC in general) will try to move higher, do some new peaks and consolidation sideways... There will be some bearish action but not as strong or long-lasting as we got used to in the past 2 years... Things will change now for the better, overall, and after September, we will see nice growth for the altcoins while Bitcoin remains strong.
Strength will be the name of the game
There will be ups and downs, as it is normal in every way, but the altcoins market and Bitcoin will be known by their growing strength...
We might perceive it as weak sometimes or that some government can take it all away, but as the days, weeks and years continue to pass, strength will be the name of the game...
"Bitcoin just became stronger".
"Bitcoin is becoming solid, the market is gaining mayor strength".
This is Alan Masters.
Thanks a lot for reading...
Namaste.
triangle formation with hidden bullish divergence on 1h + supportriangle formation with hidden bullish divergence on 1h + support on 11380 ... good to long , at best risk reward ... stop must be tight @ 11250 only , dont want to keep loser running . but if this doesnt break 10665-10710 range ...then more down turn .
check the daily & weekly - bearish trend reversal , if weekly ..check the daily & weekly - bearish trend reversal , if weekly .... doesnt close above 11890-11920 , seems improbable bcaz DJI forming hidden bullish diversion on daily, i m considering DJI as an inverse poarameter . ..in btc price action . not only this daily is closed below 11880 giving price action more bearish tone .
if this daily candle closes above 10400 , new ATH coming in ...If this daily candle closes above 10400 , it will create double doji's with tails inverted to each other& this will create a bull scenario for rest of week , that would lead to double doji's with inverted tails & will be bullish case for weekly too .
SACLP TRADING- A PROBABLE CASE OF BOUNCE FROM HERE TILL 11450PRICE HITTING MAJOR SUPPORT AREA WITH SMALLER TIME FRAME OSCILLATORS R IN OVERSOLD AREA ALREADY , GOOD TO MAKE LONG TRADE HERE ,BEST RR HERE .FIRST RESISTANCE SHOULD BE TAKE PROFIT AREA FOR 50% QUANTITY . 50% BECAUSE HAVE TO WAIT TO SEE BREAKUP OR BREAK DOWN FROM THERE .
if this daily candle closes below 9118 , i doubt this rallyif this daily candle closes on "mother of all resistance" or below $9118 , i doubt this rally for reasons:-
1). volume is decreasing
2).daily candle close on resistance or below 9118.
3). if price trend reverses FROM HERE on HTF , it can make bearish divergence on all HTFs .
4). close of daily candle below upper bollinger band on daily chart .
these all r presumptions till oscillators & price action prove it on charts , next 24-48 hrs will be decisive .
9100 zone is mother of all resistances ,BTC trend change can ..9100 zone is mother of all resistances ,BTC trend change can happen from there, wait & watch till any 4H candle closes in red from there to prove this analogy ,will be shorting from 9040- 9110 with a stop of 9240 .
that red line is resistance & green line below is support for next week move .