Bitcoin (BTCUSD) recently created a higher low. This low needs to be maintained for the bulls to be able to push Bitcoin up. If the low can't be maintained a break down is likely.
We have price trading within a descending channel as well as a triangle which both are pointing to a breakout soon.
Looking at the last pin bar, a break up can happen but since this set up is neither bearish nor bullish, we can go either way.
Here are my main two scenarios:
(1) If Bitcoin breaks and closes below $3600, you can expect our support levels to be tested (purple).
(2) If Bitcoin breaks and closes above $3666, with volume and strength, then you can expect our resistance levels to be tested (orange).
(3) A third scenario is sideways action. Altcoins do great when Bitcoin is sideways and they are doing great right now. If the alts bullishness is to continue, you can expect Bitcoin to do sideways some more.
I was wondering, what is your take on Bitcoin's next move?
It seems pretty neutral right now, so I would say that whatever the people is saying will happen, Bitcoin will do the contrary, as usual.
Since most people are is saying "SELL" (Strong Sell on Trading View's barometer)... I believe that Bitcoin can easily break up.
You agree? Yes or no and why! Please leave a comment and hit LIKE!
Before I leave... Let me leave you with this phrase:
TODAY IS ALWAYS A BEAUTIFUL
When I wake up in the morning I can't help but enjoy the sun.
The morning breeze hits me, being alive... It is truly an incredible joy.
Today is a very beautiful day, for me, it has always been this way.
This isn't because I live in the beach, in the mountains or near a great lake.
It is all about your mind, your imagination and the feelings that you share with other people everyday.
So improve your thinking and you too will always see an amazingly beautiful day...
LIKE TODAY!
Today is a beautiful day.
Namaste.
Comment
⋅
Here you can find our next Bitcoin (XBT on BitMEX) trade:
Comment
⋅
We are now trading above EMA10 and also the descending channel.
BTCUSD is now facing the 10th Jan. trendline which is also marked by EMA25 (red):
Breakout might happen soon...
Comment
⋅
Bitcoin is trying to break up now. I will post a new update and also a trade for XBT.
Thanks a lot for the support.
Comment
⋅
Here is our latest Bitcoin (XBT) trade as promised:
Comment
⋅
We did break to the upside... Latest Bitcoin update:
@Lakshmi-Trader, Have you taken into consideration the market cycles?
Lakshmi-Trader
⋅
@alanmasters, It's not about market cycles.It's easier.Supply and demand.The accumulation and entrance into the cryptocurrency market, the big players at the lowest prices.