Bitcoin (BTCUSD) continues with its sideways consolidation as you can see on the chart above. The trading volume is really low so a strong move can happen anytime...
On top of the sideways action, Bitcoin is leaning more towards the bulls... Why?
Multiple of our signals remain bullish, for example, the RSI is above 50 and BTCUSD is trading above EMA10, but the trading volume is so low that a breakdown is as likely as a breakout. Anything can happen with this low volume.
We keep the same view as our chart for Bitcoin vs Tether (BTCUSDT), you can see it below:
As long as Bitcoin remains within the light blue zone, additional sideways action is expected.
The altcoins continue to grow, hitting higher highs and higher lows... Bitcoin is doing strong consolidation, we remain bullish until the signals turn.
Conditions for change If Bitcoin moves lower and closes below EMA10 ($9213) or EMA50 ($9107), its bearish potential is activated and we look for the next support.
In the meantime, we are on the bull's side and continue to enjoy the altcoins growth.
What's your take on where Bitcoin is headed?
Share your thoughts with us in the comments section below.
dear alan, awesome analisis, i am leanig bullish as well, due to the strong move from 7400 to 10600 and consolidation on 9200 range...looking like a bull flag..! and fractal also seems very likely to go up. thanks for your posts, and always words of wisdom on your telegram channel..! thanxz buddy.!
AlanSantana
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@leonwrar357, It is my pleasure. Thanks a lot for the comment and support, truly appreciated.
Namaste.
AlanSantana
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@leonwrar357, The strong move from $7400 to $10600 is also what changed my view to bullish... Now consolidating this "high" up, $9200 range, it is surely another positive signal.
Let's see how it all develops...
TheTrex
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Nice overview Alan I got similar levels on my weekly chart!
@TheTrex, Really nice... Lots of details... Keep up the good work.
Namaste.
PurpleCrypto
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It has formed a new trend line from the peak. I believe it will continue to head downwards in the medium term, even if it does rise up briefly from here.