Bitcoin finally broke above MA500 (purple line), which was holding the price down since August 09, as it can be seen on the chart.
Now that we cleared this resistance, we can focus on the next one... So here are the next steps for Bitcoin short term:
Bitcoin Support
(1) $6780 (2) $6670 (3) $6460 (4) $6200*
Bitcoin Resistance / Targets
(1) $6950 (2) $7150 (3) $7500*
* Longer term.
We have more pressure up than down... Bears have been trying to push Bitcoin below $5,750 - $6,000 since the beginning of the year with no luck... One more try, maybe, and if they fail this time we might not see those prices again for quite a while if ever...
The green rectangle at the bottom of the chart is our main support.
This article is intended for educational purpose only and for your entertainment of course.
I appreciate the time to took to read this and I honestly appreciate your continued support.
Feel free to like, share, comment and follow, and tomorrow I will be back for more.
Namaste.
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Previous analysis:
Please check the "RELATED IDEAS" section for my Altcoins trades. Your support is highly appreciated.
Have a nice day!
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From @fadywanis in the comments section... One of our amazing followers (Thanks for sharing with us).
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$7500 Next?
We will see how it goes...
Please let me know what you think the top of this wave will be in the comments section... I'll be waiting for your comment.
Namaste.
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Bitcoin continues looking hot and doing good...
We now hit $7,000+!!!
1H:
D:
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Bitcoin Resistance / Targets
(1) $6950 * Target reached *
We touched $7126.1 which is marked by EMA100 (dark blue line) on the chart:
- Good volume so far... We need more. - MACD is going bullish soon. Already curving and trending up.
Our second target is still ~$7150, after that we aim for $7300-$7500 at which point I will have to update my analysis depending on Bitcoin's strength.
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We had a good close yesterday but we are lacking some momentum for additional bullish movement. Let's see how Bitcoin is doing on Wednesday/Thursday (we need to consolidate before another move), it can look better by then... we will see.
Here is the chart (12):
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Bitcoin on the 2h Time Frame (TF) with EMA500 (purple) working as support.
- We continue with the positive/bullish outlook.
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Check this out, this guy is really bullish on Bitcoin... I like his tone!
There is also the Rising wedge pattern that had started on the 8th of August. Shouldn't this be a concern. RSI is almost at 70 and the wedge is becoming even more defined.
AlanSantana
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@rigosbox, Looks like we keep on doing good. No concerns here. Yes there is some bear pressure but we have more bull pressure at the moment and we are going up.
Zenter
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So what I understand from your chart is that Sell BTC and altcoins when BTC reach to 7.5k$, then buy back more altcoins and BTC when touching 6.2k$ again. Is that so simple wave?
AlanSantana
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@Zenter, We will know once we reach $7500. For now we buy and hold until the next resistance and see how it goes.
cincotele
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I am impressed with your work, hope to join your paid membership program. when is it expected, by the way ?
This is good for swing trading. Is is safe to buy more BTC whenever it's in $5750-6000 range? or is there any chance to break that support level and go lower values like $5000, 4000, 3000 etc.