- We are looking at a , line, and signal.
- The is also on the side but moving around support.
Before Bitcoin can move any lower, it first needs to break EMA100 ($11077), only if this level can be broken, BTCUSD is to move lower and test the $10,600 - $10,400 range.
We mention this in our previous long-term update:
Conditions for change: If Bitcoin ( BTCUSD ) moves up and closes above EMA10 ($11,405), it increases its potential and chances to move higher, the above signals would become invalid.
Feeling the market: The feeling I am getting from the market and Bitcoin is that it can take a few days before it makes its next move... Some sideways action is possible leaning more towards the bears. We easily see Bitcoin's price moving in the $11,100 to $11,600 range, before breaking any resistance or .
We can see it moving up but more consolidation before anything big comes... That's the market feeling at this point.
What about the Altcoins: After all the bleeding for the ALTSBTC pairs, they will start to move again but it will take a few weeks to see them move in full force. The summer, the big hit... it will take people sometime before confidence returns... But at this point, if you are smart, all you are doing is BUYING, REBUYING, MORE BUYING AND RELOAD.
We are working on Wave 4. If this level holds then we could say Wave 4 is complete and the Bulls are still in control. We may be going up to complete Wave 5 soon. Ifthis plays out as expected we should start climbing out from here.... If my count is correct we just completed Wave 4 and are starting Wave 5 UP! So long as the price of Wave 4 does not start making candle closed 4 hour or 1 day closes below the top of Wave 1 (Closing price) the Bulls are still in the game. I guess we will all find out soon enough....