alanmasters

BITCOIN Since Dec. 2017 - Bottom Found? Come On... Let's Talk!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Back in early April Bitcoin became bullish ... No wait, let's go further back... Let's start in December 2017 ... BITCOIN'S YEAR!

Our top was hit on the 17th December, the famous Bitcoin All Time High, which we hit around the $20,000 price level. That's $20,000 USD per Bitcoin . Remember that the wildest dreams of all cryptocurrency traders, holders, analysts, miners, enthusiast, and others, was to reach an ATH that can be now considered very cheap, which was $5,000 USD per BTC . At that time it seemed incredible and for many, impossible... Of course, it doesn't look that impossible right now, as I am going to talk about a $8,100 Bitcoin bottom...

Bitcoin started to decline after this date above and hit rock bottom on the 6th February 2018, at a low of $6,000 USD per BTC on BitFinex. We bounced from this level but we were still trading under lots of pressure from the downtrend created back in December when the price started to decline.

We went down again and by early April we hit rock bottom again at $6,425 on BitFinex. Now, we were definitely trying to retest the $6k bottom from early February, but the price bounced before reaching that point so we couldn't retest 6k, the bulls held their position strong... After that, Bitcoin became bullish , it started to go up and on the 20th April it broke the famous downtrend that started back in December, we got out of the negative waters , we started a new trend, the uptrend that we have been riding for the past 1.5 months.

Now we've come to a deciding point, we have the resistance at the $10,000 level and Bitcoin went down because it couldn't be breached. After correcting nicely from the high of $9,990, it seems that $8,100 is the bottom that Bitcoin has been looking for to get back, to compete and to finally win.

Looking at the bullish divergence on the 4h MACD , the RSI bouncing from oversold, the STOCH and MACD bullish crossover, we will try the higher resistance levels once more.

On the short term, we will find resistance at the $8,700, $9,100 and $9650 price points. After that we move higher, but before we get there, let's see how Bitcoin will deal with the bears in the next days and weeks to come.

This was a post shared purely for your entertainment.

I am wishing that by reading it, you had some fun!

Namaste.
May 16
Comment: The 4 hours per candle chart:
May 16
Comment: BTC today last year vs today today...

May 17
Comment: Please note that Bitcoin can go either up or down, that is for the market to decide.

What I describe above is a bullish scenario based on many different chart indicators and signals.

Many bearish signals can be spotted as well if you look at the charts and several different time frames. You choose which scenario you want to entertain, as you can entertain both, but trading should always be based on what is happening, rather than what will happen next month.

So if we are in an uptrend and moving up, we follow the trend until something goes wrong.

But if we are going down... It is all about the next "support"...

If support holds, we continue our climb and try to move up, breaking resistance after resistance.

If support breaks, we go down and test or retest the next support level.

I am bullish on Bitcoin, I've been bullish since we broke the major down trend line. But I am open to all possibilities, and I can accept, fairly easy if the price doesn't go our way.

So use this information as part of your overall strategy, and make sure to do your research before you trade.

BITCOIN will definitely exceed all expectations, as usual, that's what I think will happen this time around as well.

Namaste.
May 19
Comment: Here is the update daily and 4h charts:

We also have good signals short term, we might have a pump soon. My "soon" is bsaed on a few days.

Thanks a lot for reading this post.

Enjoy your weekend.

Enjoy your day.

Namaste.
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Comments

I like your style since last year. Makes me feel more comfortable, relaxed and btc patiente.
+5 Reply
alanmasters JacintoMonteiro
@JacintoMonteiro, Thanks for letting us know.

Namaste.
Reply
dear alanmasters , thanks for analysis.
i was camparing 2014 bear rally after ATH with now.im not sure how similar they are but thats what i found.


i think if 8100 support zone does not hold the price we will see lower prices around 0.786 fibonacci retracement level and perhaps its the last support for bullish scenario.otherwise we will see more downwards.
but
i realized that we are in a falling wedge last 5 months.

as you can see we had a failed attempt to break the wedge but 8100 support hold nicely.its likely that we will touch the upper trend again and if price can't break the wedge, the price will test the lower trend again.
respectively,thats my view for now.
+4 Reply
alanmasters newtrader_201
@newtrader_201, I agree. We are in a tight spot, but I like the bullish sentiment always and that is what I share. As we can be bearish short term, but we are bullish, definitely, mid and long term.
+3 Reply
Bitcoin returns to 4,000.
+2 Reply
Hosseinm Hosseinm
@Hosseinm, Slowly...Slowly...
+1 Reply
rkothwala Hosseinm
@Hosseinm, Nice dream :)
+1 Reply
IRCSAS rkothwala
@rkothwala, A dream that turns into reality! fact!! right !! and history of market!!
+1 Reply
@IRCSAS, who knows? In reality, we might see $6000 again.
Reply
@Hosseinm, Doesn't look like, right now the price is $8,300+.
+2 Reply
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