Bitcoin (BTCUSD) retraced strong... We caught the last peak, now we are seeing that a new low has been set...
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Bitcoin 4H Time Frame
Bitcoin can surely move up from current levels, I've drawn the main scenario I see developing on the chart above.
Let's take a look at why and at some of the main signals below:
Looking at the RSI
We can see a huge decline, I mean massive after the top on the 5th of August, it reached oversold yesterday, massively oversold down to 13.88... Bitcoin tends to bounce when it reaches such levels on the RSI.
The purple arrow marks the hidden bullish divergence. This shows up when the trend is up (Higher lows)) while the indicator is down (Lower lows).
After the dashed red trendline is broken, you can expect the RSI to move higher and higher.
Looking at the Bollinger Bands and Bullish Candlestick
Here we can see that Bitcoin (BTCUSD) touched the outer part of the Bollinger Bands, to quickly bounce. The price always trades within these bands... This is a great indicator.
On the bounce a bullish candlestick formed. You can see it marked on the chart. The large wick at the bottom means the rejection of sellers.
High volume is good, supports the bounce. Also supports the bounce back into the Bollinger Bands as well as the bullish candlestick and break above EMA5.
So unless the bears do a massive push down and break the last low set, Bitcoin is very likely to move higher from here and challenge the next resistance levels.
Feeling the market: As you can see, multiple signals are pointing towards a bounce here but it is very likely we will see some range-trading or sideways action first. This sideways action will allow for the altcoins market to grow (ALTSBTC).
The last low can still be broken to shake out some more weak hands, but we can expect the $9100 support to be a very strong one if this happens.
After some decent consolidation, we can analyze the next move which right now feels up.
Altcoins Market Update: Yesterday's drop was massive for Bitcoin yet we can see that the Binance and Bittrex altcoins, the ones we mainly look at, remain consolidating on support and continue printing bullish charts. All of these will have a massive bullish explosion soon. The market sentiment needs less than 3 weeks right now to fully change.
We will see the altcoins market move from extremely bearish to extremely bullish... It will be a drastic change.
As for us...
Thanks a lot for your continued support.
This is Alan Masters.
Namaste.
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Bitcoin dropped with strength yet the altcoins remained the same... Take a look at the two charts below as examples (this is related to our Altcoins Market update):
Wanchain (WANBTC) Zero Retraces...
QuarkChain (QKCBTC) Strong Consolidation... Here is the chart:
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BitTorrent (BTTBTC) Reaches Bottom?
BitTorrent is another one we track and follow and wasn't hit by Bitcoin's strong drop... Can move soon.
If you want to double up easy, BitTorrent is a great choice...
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Previous analysis: Bitcoin Looking To Retrace, $10,400 Possible, Full Analysis!
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Our first target for Bitcoin (BTCUSD) is sitting at $10,500. Our second target is for $11,300. If this one can be broken we go straight to $11,700.
Forgot to mention on the description.
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The first target hit and we continue looking at a bullish chart. Our second target is sitting at $11,300.
Here is the chart:
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We are LONG on Bitcoin.
These are nice candles with good volume on a weekend, also the retrace was sharp and strong as the previous one... We can easily see Bitcoin moving higher...
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VeChain (VETBTC) Chart Analysis (Where To Next?)
Here is a full analysis for VeChain by the request of our readers...
Click here:
Internet of Services (IOSTBTC) Bullish Chart Setup
Quick analysis and chart signal are detailed... Click/tap here:
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Wishing the best weekend ever! ... Hoping to inspire your day...
Enjoy your weekend. ---------------
THE BEST IS YET TO COME!
When we are alive, we eagerly strive for great feelings, success, wealth, happiness, and love.
We tend to make sacrifices, giving away our time and energy, hoping this will turn in the future into positives for us.
We continue working hard, we have great moments but some of us are looking for more.
Imagine this situation, where you are tired and wanting to give up.
You remember all those great feelings and procure the energy needed to go on.
Great moments in the past, have you loving yourself once more…
Imagine peaking into the future…
You can now continue living happy, because the best is yet to happen…
The best is yet to come.
Namaste.
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Blox (CDTBTC) Short-term Chart Analysis
Here we look at Blox on the 4H time frame...
Red Pulse Phoenix Binance Long-Term Chart Analys + Targets
This one has huge potential, this can move with strength when it takes off.
Here is the chart:
(RLCBTC)(95%) iExecRLC Full Trade Signal
Full trade for our great readers, supporters and followers... Here:
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We are looking positive on Bitcoin...
More altcoins:
BeCareful With HyperCash, It Can Go Much, Much Higher...
Trending:
openANX Will Do It Again? Time 2 Profit! (Over 280% PProfits)
Here:
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We are moving nicely up... Enjoy the profits.
We have a leveraged trade for this analysis by the way and it is doing really good...
Here is the chart:
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Bitcoin (XBTUSD) breaks above EMA300...
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Let's see what happens next... Will this one playout perfectly as charted?
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Do you guys think it will break $10,500 and move higher to reach $11,300 or retrace?
About today's update : hard to say Alan... Market decides, what we think is usually irrelevant :)
With that said, looking at all this on the daily TF, I don't think this looks THAT bearish. We have higher lows for now. Price range is getting narrower.
Of course a consolidation higher, close to the resistance instead of support, would be much better.
I wouldn't be surprised to see price go down since it's what everyone is talking about. But I wouldn't be surprised if it went up either, for the same reason :)
AlanSantana
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@Harry_Seldon, Thanks for sharing... I am not seeing much momentum.
VickzinBK
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Nice Alan. i to believe there should be a new push of demand of BTC soon and it will hike it back up to 11k and above very soon. My updated analysis also explains this.
AlanSantana
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@VickzinBK, Thanks for sharing brother, your support is appreciated.
With that said, looking at all this on the daily TF, I don't think this looks THAT bearish. We have higher lows for now. Price range is getting narrower.
Of course a consolidation higher, close to the resistance instead of support, would be much better.
I wouldn't be surprised to see price go down since it's what everyone is talking about. But I wouldn't be surprised if it went up either, for the same reason :)