Bitcoin Bullish Sentiment Continues (What Will Happen Next?)

Bitcoin has been following TA and going up as expected. After we hit bottom last month, Bitcoin has been on a ride and getting stronger by the day.

We've seen many attempts at breakout in the past but none of them were supported by enough volume, lately volume has been getting better and it furthers confirms all the signals we are getting from the charts.

There are quite a few signals to look at, so let's see what is up with Bitcoin and what comes next!


Bitcoin Analysis by Alan Masters

CHARTS, SIGNALS & INDICATORS

- We are now trading above the $7,800 price level, which we can see marked with a brown line on the chart, that's EMA200. Bitcoin hasn't traded above this line since 11th May 2018, so breaking above it is a great signal, we now need only to maintain it on the daily and weekly time frames (on the weekly this same price level is marked by EMA20) to signal additional bullish strength.

- We are on an uptrend (dotted green line).

- After months of bullish divergence, the MACD keeps on trending up now finally on the bullish side, but needs a bit more momentum to feel strong... a bit more momentum is needed for us, but slowly steady growth is what we expected from the start.

- The MACD is looking to have a bullish crossed over on the weekly time frame, this is good as well.

- Looking again at the daily time frame, the RSI is on the bullish side and shows room available for additional growth. STOCH is also bullish as well as ADX and DMI.

- We are getting signals and breaking resistance levels that we haven't break in a while. With a very strong bullish crossover of EMA10 and EMA50, Bitcoin is pointing for a bullish week and possibly even more bullish action. Just remember that each time a resistance level is broken, we need to retrace and consolidate, to load up for more. So remain calm when you see that Bitcoin goes slow. Only if it goes down strong and closes below support, we analysis and change/update our view as required to know where Bitcoin will go now next.

In the meantime... Bitcoin is Bullish and will continue going UP!

(Support = $7,000, $7200, 7400)
(Resistance = $8,000 - $8,200)

Few more notes:

- Biggest volume since April, weekly chart.
- Good volume on the daily.
- Short term, mid term and long term. Which term are you looking at? This is important when looking for future movements of Bitcoin, as the trend can change based on the time frame you are looking at.
- $8280+ close on the weekly is where we look for a new strong support, this needs to be broken and close above it on the weekly if we want to continue the bullish bias for even more bullish action... We can close weekly below it and still continue bullish, it all depends on how we interact with resistance and support levels... But remember, we start with $7600, which we broke already, after we get to $7800 and $8000 which we are challenging now.
- Just as you need to break $8,000 before you can reach above $8,200+ for a new strong support, you need to break $6000 before you can reach $5750, and break $4000, $3000, etc. before you can other lows. So dear bears do not worry about Bitcoin going to $1,000, just as my loved bull shouldn't worry about $20k, we have to go through many different levels, before we can get there.

Namaste.
P.S. Please come back to this thread again and again, like, share, comment... since I will be sharing many more updates.

Comment:

12H chart:

4H chart:

Comment:

Bitcoin continues its climb up!!

The alts will definitely suffer more now.

Once Bitcoin takes a break or retraces, the alts will gain.

Comment:

It is getting better and better.

We are already at $8,200+, our next barrier, let's see how it goes.

Here is the 8H chart:

It is looking beautiful all along and volume keeps on climbing. Check the 1H chart:

Comment:

Nice close on the 4h candle, the day is looking great so far but we are outside of the band, so you can expect short term retrace...

I will take a break now and stop posting updates. Enjoy your day.

Comment:

Altcoins at a discount for those interested... Look for strong support and bottoms to buy in and reload.

After Bitcoin stops, the alts will go up. But they will continue suffer as Bitcoin is strong.

Beginners tip: Just wait... as buying and selling without knowing can cause additional loss.

Comment:

Binance Coin (BNB) vs Bitcoin (BTC). The inverse correlation continues...

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SMA50 on the weekly is where resistance was found, marked green on the chart:

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I mentioned the retrace 5 hours ago, I used the Bollinger Bands as a tool to see it. On top of the fact that we knew this is where we were going to face resistance.

- After candle #3, the next candle (#4) went out of the band and the price retraces.

This is a nice tool which you can use in your charting. As usual, always use different timeframes to have a better idea of the overall picture.

From here we can go on a stronger retrace or consolidate sideways to prepare for the next move. The candles/charts signals and indicators will let us know with varying signals as to what might follow next.

The signals can help but the market always stays open to making strong moves to the contrary of your analysis... so it is good to always stay open and change your view if required, focusing always on your long term plan and the timeframe you based your analysis on to start with.

Just sharing... what I think.
Hope it helps...

Comment:

We are finally above the cloud on the daily timeframe chart, let's take a look for your entertainment:

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We can now count on $7,600 to $7,800 as support zone. This can later be reinforced depending on how the daily candle closes.

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Look at the close of the last 12 hours candle (#4 on top - marked with horizontal red line). This is a very bullish candle.

- It seems that we will have some more "healthy consolidation".

- We are now safely above EMA200 on this time frame.

- Volume is also good. It just keeps on going up.

- We are looking pretty good so far.

Comment:

We now have more volume today than back in 24th April and Bitcoin continues showing strength and it seems that it is trying to gain even more momentum but facing good resistance right now...

Let's take a look at the chart:

- Daily candle closes in 25 minutes.

4h chart:

12h chart:

Comment:

SEC News update: www.coindesk.com/sec...tfs-until-september/

Thanks @sasman14

Comment:

Looks like we will be having some panic buyers soon...

This is going to be really interesting to watch.

Thank you all for reading, commenting, liking, sharing and for the amazing support.

Bitcoin... UP!

Comment:

We were not able to close our strong resistance but Bitcoin still did pretty good yesterday. Today is looking good but it might be retrace/consolidation day.

Here is the daily chart:

- If we maintain the same level of momentum and growth we can consolidate sideways, this is really hard to happen at this point but still a possibility based on how Bitcoin has been performing lately.

We will keep a close eye on the charts and update is necessary.

Thanks again for your support.

Comment:

One last friendly reminder... Remember that Bitcoin always tends to break all expectations/go against popular belief... Either going up or down...

Something to keep in mind...

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Bitcoin long term. Here is the chart:

- The RSI looks interesting. We are at the highest since December 2017.
- MACD shows plenty of room left available for growth.

Just a quick chart for fun.

Namaste.

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Ok. We start our retrace as expected... this can take a while.

Here you can see all the different support levels on the 4h chart:

You can see it on the daily as well and several targets:

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I am looking at $7,855+ as our main support for this retrace. This is where EMA200 is sitting at on the daily time frame.

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You can follow my next updates in this new trade idea, plus support levels detailed:

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Bitcoin continues showing strength.

Bitcoin To The Moon Pt. 7????