In our last analysis, we mentioned a test of EMA10. This happened...
But what comes next?
Now we are seeing Bitcoin aiming lower, we know this by looking at multiple points on the chart above:
- Higher low after .
- BTCUSD moving below EMA5.
- and starting to turn over to the bears side.
Now, this does not mean that Bitcoin will go to $1,000, $3,000 or whatnot, this only means that Bitcoin is moving lower now, but it can bounce anytime, so we follow the price.
So here is what happens next!
Bitcoin is now aiming for EMA10 again but this all depends on the weekly close.
- If Bitcoin moves lower and closes below EMA10, we are likely to move lower and test EMA50 (~$6900).
- But if instead EMA10 holds as strong support, Bitcoin can start to bounce and depending on the action, we will know what's to come.
- Another possibility that hasn't been looked at is Bitcoin going sideways. It is the turn for the altcoins to grow. Altcoins grow great when Bitcoin goes flat... So this is another scenario that we can consider.
In the meantime, Bitcoin ( BTCUSD ) is looking and moving lower. We remain short-term until Bitcoin confirms support and starts to move up again... We go with the flow.
Important support levels on the Weekly (W) timeframe:
(1) $8,900 - $9,570
(2) $7,400 - $8,150
(3) $6,400 - $6,900
If the charts turn and Bitcoin moves back up, here are the most important resistance levels on this timeframe:
(3) $13,200 - $13,880
Altcoins Market Starting To Grow More & More
We enjoyed a Bitcoin with over 6 months of growth. Now that Bitcoin stopped, it is the altcoins turn.
Bitcoin being is not all bad news. We like a Bitcoin because of the opportunities that tend to show up. Because of the great potential and the amazing new technology involved.
But most of us here are trading with a goal, that is to collect profits, using only our minds, patience and little to no hard work.
Many more opportunities will always be available for us. Now that Bitcoin is finally taking a break, it is the time for the altcoins bull-run.
Here is our previous analysis:
Here you can see some of our latest results:
Feel free to hit like if you would like to show us some love.
MITHBTC](284%) Mithril Crypto Signal, Up to 785% PProfits
NCASHBTC](170%) Nucleus Vision Trade Signal + Analysis
Verge To Challenge EMA50 For The 1st Time Since May (147% PP)
Thanks a lot for the support.