I want to say that Bitcoin is bullish in the long run.
I can support my position by the following arguments: - the price stays above SMA50, SMA100, SMA200 and they confirm the bullish trend - the price bounced from the support zone formed by SMA50 and SMA100 - we got a new swing low which is higher than the previous one - the price broke the local downtrend line - MACD gives a bullish signal - DMI does not support the strength of sellers.
All these signals tell us that we are in the uptrend, and it will be continued.
The weekly chart allows us to see the whole picture and predict long term movements. Don't be surprised by my other posts where I wrote about a correction movement to 8000.00 support. I used the daily and the 4H charts for getting signals, and they pointed to that zone as the main target. If you are new in trading, you must know - different timeframes give the different market conditions. It is ok!
The weekly chart tells us about the further upward movement. But at the same time, we should be ready to see a pullback to SMA50 and the downtrend line. The bullish structure won't be broken with such pullback. The same goes for the deep correction movement to the main uptrend line and SMA100. This zone is at 7300.00, and the price can reach it based on the weekly timeframe. It will be possible, and it won't break the bullish structure as well.
If we talk about the long term trading, it is possible to open long positions based on the breakout signal above the local downtrend line. Stop-loss orders must be placed below 6400.00 level. The main target should be at 14 000.00 resistance.
If the price drops to 7300.00 support zone, it will be possible to use reversal signals for new long positions.
If you want to understand better the further market movements in the short and medium term, I recommend to read other posts about Bitcoin. You can find them in the related ideas below this post.
Also, I will be grateful if you support my work on TradingView by clicking the LIKE button and providing your feedback in comments. I don't buy views and likes, and that's why your real feedback is very important for me! Thank you!
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Question: Will this virus also affect Crypto? Seems that it is already affecting the markets...
powerin
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To be realistic, it will go down until it touches SMA200. I mean why not? Market movers do anything to make more money so why not they push the price down until it reaches SMA200, in my opinion bouncing from 8000 is an optimistic thought.
Crypto_Odin
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Agree with your idea, increasing my long position on pullbacks, we'll see..
betgain
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I agree with seven, very solid, listed items and the sentence that follows below the list: "All these signals tell us that we are in the uptrend, and it will be continued.". Each of them could provide a very grounded argument, and together, they simply form a clearer picture of what to expect from bitcoin in the first months of this year.
thebotcave_io
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Can you look at XLM/USD?
Anpu
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Great Chart!
This is my analysis on Bitcoin. Here I give a little bit risky setup on short and explain the reason for it.
Please tell what you think about this
mikeli23
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Thank you for analysis Dmitry, i also think this will be the scenario - back to 8000, after that probably bounce higher :)