RomanXIV

Reasons Bitcoin is very Bullish.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello Everyone,

I am extremely bullish on bitcoin and especially alt coins. I know there is a lot of fear in the market right now and hopefully this post can put you at ease. I wanted to remind everyone of a few things. In the 2017 bull market, Bitcoin tested the 20 and 50 MA on the weekly chart several times. It practically danced across those lines. 30-40% price corrections occurred many times in the previous bull market. Please note, a market cannot sustain itself by only going up. Market corrections are healthy and are NEEDED in order to make larger moves to the upside.

Here are the technicals:

1. Bitcoin bounced perfectly off its legacy trendlines from way back in October. This also lines up with the 20 MA on the weekly chart. A bounce was healthy and much needed.

2. Price action is BULLISH . We can see that volume is going down as price is going down.

3. Bitcoin has broken its downward trend. A new trend will be forming that will most likely be sideways for accumulation (allowing for alt season to occur) or up.

4. MACD is showing waning selling momentum for 4 consecutive days. - This is bullish and indicates selling pressure is weakening.

5. RSI is showing a lower low with a higher low in price. - This is bullish!

6. It is the end of the month and Bitcoin futures expire. At the end of every month we have seen a large drop in price as investors were anticipating MAX PAIN. This was immediately followed by a large pump.

7. The weekly and monthly charts needed to cool off. A large price dip was much needed to keep a healthy and sustainable bull market.

I hope this helps some of you who are in fear or wondering if you should re-enter the market. I fully believe this drop was healthy and much needed for bitcoin . These levels are going to be used as accumulation and I believe a large price increase will come in the middle to late May.

As always, be patient, use risk management, and good luck trading!


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