It has come to my attention that some of the new readers and beginners are a bit confused... This is normal, do not worry...
I am here for you.
I reply to all comments and take care of everybody.
Those positive, those negative and those in between.
Now, to start, just keep in mind that it is normal to be confused if you are just getting started or haven't been...
At this spot it generally hard to figure if a retrace is coming after hitting resistance for BTCUSD or if it will continue straight up...
I say straight up.
Feel free to hit LIKE now and let's get started.
Other than the obvious and strong bullish bias that has developed on the Bitcoin chart, we also have a new tool.
( Thanks to @CryptoSoap who mentioned this...
Bitcoin (BTCUSD) is now in correction mode from the bearish wave... What is likely to happen next?
The conventional markets continue to look bad and ready to crash.
We have tons and tons of inflammation (or inflation?), the war is just another catalyst that can make the markets unpredictable everyday.
So what to do, what is the best course of action?
We just looked at Bitcoin monthly and how the month went from GREEN to RED.
We are now looking at the weekly chart, the bearish candles gives it away.
Last week we had a bearish close right after hitting as resistance EMA10.
This week there was another try at the same resistance and another rejection took place.
The weekly closes in a few hours...
The title says it all...
Since many people are saying that the correction is already over or that whatever number is the "for sure" or "confirmed" low...
Let me share with you this chart.
We don't know exactly how far down it can or will go, we just know how Bitcoin behaves after each bullish top.
Over 84% right after 2013 and 2017.
So far we have seen -58%...
We have a bearish bias developing once more short-term.
We have a strong rejection at the ~$45.5K resistance level on 10-Feb.
What follows is a lower high and a break below EMA10.
EMA50 is now being challenged as support and very likely to break.
If the resistance continues to hold, we will see Bitcoin next move to around $40,000 followed by $38K.
I've been looking at the major US indexes (SPX, DJI & NDX), as well as some of the TOP Altcoins within the cryptocurrency market (Ethereum, Cardano, Solana, Polkador), they are all bearish right now on the major/weekly timeframe.
This week we saw mentions in the "news" about Bitcoin and the S&P 500 Index detaching... Sounds fishy.
Maybe detach over the weekend so...
Today is Saturday and we approach the weekly candle close, we can look at multiple scenarios with the highest potential for Bitcoin in the coming days based on what we have today.
Let's get started.
(Read until the end and reply in the comments section with your potential scenarios or future predictions for Bitcoin and the Altcoins market)
Bitcoin Weekly vs...
Beautiful weekend my beloved cryptocurrency trader, that is what I seeing these days...
We have the classic Cup & Handle pattern in the Bitcoin chart (BTCUSD 4H) which is considered bullish and comes up after a correction/near support.
With this pattern in place and many Altcoins preparing to go up... We can expect Bitcoin to also jump if we stay above MA200...
Altcoins market update below...
Feel free to hit LIKE and let's get started with Bitcoin NOW!
Bitcoin Short-Term Analysis
Bitcoin did a good number yesterday and managed to break above EMA300 on the 4H timeframe.
This level, the gray line on the chart, is being tested as support and so far holding.
The bullish bias remains valid as long as prices stay above...
We have multiple "early bullish" signals, those that are waiting for confirmation and also some confirmed ones... Let's have a look at those.
Bitcoin (BTCUSD) is moving weekly above EMA10 (green) and EMA50 (magenta). This signal is only confirmed once the weekly candle closes above $44,222.
We have a test of EMA100 as support and it holds, this signal has...
People who tell you, a trader, not to learn Technical Analysis do so trying to keep you ignorant about the true conditions of the markets, not because the tool flawed.
Many of the people fighting it have no idea how it actually works or just can't get their heads around it.
The more I use it, the more I study, the more I practice, the easier it becomes.
Here we have a very basic/beginners wave count.
We have the impulsive (1,2,3,4,5) and corrective (A, B, C) waves mapped since January 2015.
Based on EW guidelines, the 3rd wave of an impulse has the highest volume.
Corrective waves tend to have low/decreasing volume.
Knowing this, we can easily figure out that we are in a corrective wave after Wave 5 ended of...
After moving away from the 1H timeframe chart, we have the 4H for BTCUSD.
Here we can get a better picture at our "local resistance", in this case we can see it clearly as EMA100 or the blue line on the chart.
Every since the 24-Jan. we have higher lows on this chart.
The "EMA100 RESISTANCE" is being challenged over and over.
The more a resistance level is...
We've been looking at the $38,000 - $39,000 price range as resistance based on multiple candlestick patterns and rejections.
This same resistance is right now at work.
This chart makes it very simple for you.
Above "Local resistance", Bitcoion can grow.
Below it, we get consolidation or more correction.
Additional details on the chart.
The "local resistance" we spotted for Bitcoin yesterday on the 1H timeframe remains valid.
We have a bearish bias short-term as long as this resistance remains in place.
If Bitcoin goes sideways/consolidates... As long as Bitcoin goes sideways the Altcoins can have some time to recover.
When Bitcoin drops there is always an initial reaction from the Altcoins...
Tomorrow we have the monthly candle close for Bitcoin... What should we be looking for?
We have many clues to look at but we will focus only on 3 in this article.
Bitcoin Monthly Signals
1) This is the first month that Bitcoin will close below EMA10 ($44,455) since March 2020.
2) We have bearish indicators. The indicators, MACD and RSI, are both on the...