The resistance marked by EMA200 has been holding Bitcoin down week after week after week, I marked this with down blue arrows.
Each time a resistance is challenged it becomes weaker, but if it doesn't break price action will retrace in order to gain momentum and try again.
So 9 times after the November 2018 drop the EMA200 resistance couldn't break, with the last attempt happening this weak.
Looking at this, the rising wedge and low volume; Bitcoin is setting itself up for a retrace, that's why we have open a short trade.
You can see it here (90%+ Potential ROE):
Conditions for change: If EMA200 (orange line) can be broken with good volume and strength, then you can expect a strong move up. Anything below EMA200 can translate into bearish-sideways action or the drop that is about to come.
Altcoins Market Update
The altcoins are super bullish, now small cap. and big cap. alts as well. For these to move Bitcoin must drop, and they are already moving.
The thing is that there isn't enough new money entering the market, most of the orders are placed by robots (bots) owned by exchanges and miners. So in orders for them to pump the altcoins market up, they need to sell Bitcoin to use the funds to buy altcoins.
Since we know this, this is a great time to load up on our favorite altcoins and profit on the way up. REMEMBER TO ALWAYS SECURE PROFITS BY SELLING ON TARGET.
Please allow me to share the following articles for your learning and entertainment, perhaps you want to support me by hitting like now...
Top 5 Altcoins To Profit From In April 2019
TOP 10 Strong Altcoins 4 LongTerm Bullish Potential @alanmasters
S&P 500 Index CRASH (The Drop Starts)
Remember to hit like.
Thanks a lot for reading.
Namaste.
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Wonderful chart Alan. As long as the MA200 holds, the current accumulation phase will stay intact and pave the way for the distribution until the 3rd halving. It is interesting to point out now that the current uptrend that you show on your chart is the longest bullish sequence since Bitcoin's All Time Highs:
@alanmasters, I don't bother to read crap from an imposter.
TradeIndicators
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If this resistance can hold and we get a break of the ascending channel this will be an awesome short trade. We're holding short and updating our stop loss! Thanks Alan :) Shalom!
I'm bearish and looking for the H4 low to be broken with Z down to come. H1 only a matter of time before BTC falls over. BTCUSD Y Wave Down, checkout the idea detail's and update's for the complete picture.