Bitcoin (BTCUSD) continues going lower after a failed attempt to remain above EMA10 on the 20th of July.
We can go deep into the charts, price action, "manipulation", market cycles and all the rest, just as we can keep it simple...
Keeping it simple... While Bitcoin is bullish it always remains above EMA10. When it becomes bearish, it trades below it.
EMA10 is marked here with a GREEN LINE.
Moving below EMA10, which is now sitting at $10584, the next support is sitting at EMA50 ($10108).
If EMA50 fails to support BTCUSD, then we are very likely to test $9,000 again or lower at around $8788 (EMA100).
This is the scenario that we have been warning about for the last two weeks and the one that is taking place.
We also warned yesterday that today could be a red day.
Bullish view: The bullish action for Bitcoin lasted 194 days, so remember that is normal for the price to retrace... Here is the chart:
For Bitcoin to turn bullish, short-term (we remain bullish long-term), the first barrier to conquer is a break and close above $10,600... After remaining above this level, it needs to gain momentum up. Right now this is the scenario with the fewer probabilities...
Altcoins Market Update
We were expecting for the Altcoins market to start booming after mid-July (the 15th July to be specific).
Most alts hit new lows as we expected and shared on the article below... Now after consolidation, the new wave is taking form.
We are seeing lots of bullishness developing and we are already seeing great gains.
In a matter of weeks, we will know if this new wave will be big... And yes, that is exactly what we believe.
Conclusion
Bitcoin is doing great, holding strong at 10k.
The altcoins market removed all gains.
Now we have all the altcoins sitting at new lows...
And once we hit the bottom, the only place left to go is UP!
Feel free to hit like and show us some support.
I am sharing this article from my heart with LOVE!
Thanks a lot for reading. Click on my profile @alanmasters for many more charts.
Namaste.
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FULL Groestlcoin (GRSBTC)(666%) Trade
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Previous analysis: Bitcoin Looking Down To Retest $9000 (Key Support Levels)
Prediction: The Next Alternative Cryptocurrency Market Bull Run!
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The Altcoins (all altcoins minus the TOP10) are starting to move all across the board...
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Mercury Breaks Is Downtrend with Force (Grows 150%)
Ren Is Moving Ahead Of The Pack (Bullish Signal 4 The Market)
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Our trade for Ankr Network (ANKRBTC) generated up to 107% profits already with more to come... You can see it here...
Thanks a lot for the support.
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FULL TRADE for our great readers, supporters, and followers.
OSTBTC](296%) Simple Token Trade Signal @alanmasters
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Bitcoin (BTCUSD)(1D) Shorts & Longs:
- BTCUSD SHORTS have reached a new all-time low and can potentially bounce. - LONGS are moving lower and facing multiple resistance.
The chart above support our current analysis.
Thanks again for the support.
If you have any questions make sure to leave a comment... It will be our pleasure to reply.
Namaste.
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RESULTS: Over 69% ROE (profits collected) within hours...
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EOS Token (EOSU19) on BitMEX (w/ Leverage)
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Lisk Is Very Likely To Move Up Strong! (Over 190% PProfits)
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WARNING: Bitcoin Going Lower Short-term analysis with targets and stop-loss.
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Will it go higher or lower next week?
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We hit our target at $9,100 now we move back up...
Great analysis! I also have a count that could take us that low! but for now I remain bullish on support based on fractals.
AlanSantana
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@Dalin_anderson, These are quite similar... Thanks for sharing.
AlanSantana
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@Dalin_anderson, What are the criteria for this fractal to fail?
TipTopTraders
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I see similar possibilities on my idea as well. Been in a short since 11K because of it. Another interesting thing to notice with the market is the huge amount of Longs VS Shorts. The long term bullish sentiment on the platform still has people holding longs pretty religiously, which fuels whales and MMs to manipulate that market to chase those liqs and accumulate for longer periods of time. A 7.5k - 8K level wouldnt surprise me, but I believe 9.1k-9k is definitely the most important level to watch for a bounce.
AlanSantana
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@TipTopTraders, Thanks a lot for sharing. Just checked the SHORTS/LONGS and you are right...
Thanks a lot for the support.
Namaste.
sidhabdn
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Outstanding. Bitcoin dancing on your tunes master
AlanSantana
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@sidhabdn, Thanks for the comment... Indeed,we've been having good timing.
Rad28
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Thank you for a great post as always!!
AlanSantana
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@Rad28, It is my pleasure. Thanks for the comment.
CryptoGuru369
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Awesome post. Thanks for all the details and for all you do!