Bitcoin volume continues going lower and even though we have quite a few bear signals coming from the chart, BTCUSD is still consolidating sideways and trading safely above EMA10.
This is our view of what can happen next with Bitcoin .
The bears have tried to push Bitcoin's price down without any luck and even though Bitcoin seems exhausted, it has been holding pretty nice lately.
There might be another failed attempt to break to the upside, so Bitcoin can retrace and try again.
On a sudden retrace, there are multiple levels that offer Bitcoin support. First, we have $7770 on the lower time frames, followed by $7440. If the drop is strong, then we look for $6999 next, which is the low from the 17th May red candle.
The lowest on a flash crash we would see is $6400 before we have to look for additional information. This is just one of the most bearish scenarios that don't seem very likely at this point.
Most likely Bitcoin will retrace a little bit to try again and break the last high. If $8,400 - $8,500 can be broken with good strength and volume , then you can expect BTC to visit straight almost to 10k, around $9999...
Where do you think Bitcoin is headed?
Share your thoughts in the comments section below...
Thanks a lot for reading.
Namaste.
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Bitcoin Short Term Update:
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"Most likely Bitcoin will retrace a little bit to try again and break the last high. If $8,400 - $8,500 can be broken with good strength and volume , then you can expect BTC to visit straight almost to 10k, around $9999... "
8k is a major resistance. If you use log scale and use Fork since 1k, 8k is right at the middle of the fork. Breaching this level would definitely take us flying higher than 10k.
But to think that this pump was started without any healthy pull back, I don’t think this will end well for Bitcoin.
BitcoinBearSlayer
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@AdrWijaya, How many healthy pullbacks do you want? The entire last year was a "healthy pullback" to close to 3K
AlanSantana
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@AdrWijaya, Like @Kwa, we had an entire year of pullback.
Thanks a lot for the feedback, I agree, but we need to see 8-8.5k break first... We will see how it goes.
GCE63
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HI Alan,
Thank you for your great work and meditative approach to trading. I wanted to see if you could do a future post on the relationship between Uranus in Taurus and Crypto Currencies. I feel like this recent shift (march 6th) has been incredibly bullish for crypto's. Reading your posts and reading a lot about Uranus in Taurus has inspired me to accumulate at this time. Thanks again for the great work Alan.
I believe all aspects of astrology can be clearly experienced within the cryptocurrency markets but these are concepts that are not best suited for this type of forum/website.
Astrology is more of a feeling based science (female energy) while this here is highly logical (masculine), trying to share information using this perspective here can become troublesome, this would be highly targetted information and not a wide enough public, but surely interesting and useful to have.
Thanks for your comment.
Namaste.
TradeIndicators
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Hey Alan! Hope you're having a great weekend man. Watching the possible breakout as well and holding the long trade. I like your long trade setup as well. Support entry with a previous structure low for SL, brilliant :) Cheers!