Hey! I am back with another Technical Analysis, this time loooking at Bitcoin, Indicator for the whole Cryptocurrecy market.
Bitcoin Weekly chart is looking very good.
Why?
Here are my Points.
- Key Downtrend is about to be broken.
- Bitcoin have strong support around 5800-6000 area, this negates all of those 2014 comparisons, as there was no strong support.
- MACD indicates a that a new long MACD wave is rising.
-Inverted Hammer Candlestick(IHC) has formed, which acts as possible trend reversal signal.
- Both IXIC(NASDAQ) and DJI(DOW30) being very overpriced with bearish(weekly, 2weeks, monthly) Signal, possible money from a long downtrend markets may visit uptrend crypto market. (10 years uptrend with tiny corrections just inst healthy at all)
- Low volume. I ve read one funny idea saying Bitcoin is "ded" due to no Volume, but it means the opposite. Bitcoin has the see the lowest volume average, and from there the volume uptrend may begin.
- 100MA slowly headed into 5800-6000 support zone.
- People fear in investing into Crypto.
- Fundamentals of whole Crypto market are just even better than before the 20,000 breakout.
What I cannot predict, is what will happen after the downtrend gets broken, Breakout or just a uptrend?
Bitcoin doesnt have to see a Breakout. I think we are more likely to see a sideways uptrend, somehow same as the key downtrend looks like.
So long awaited uptrend is right behind the corner, after another long uptrend another Breakout of Bitcoin may begin, once again.
Its just another phase, of another Cycle.
Dont believe your emotions, believe proper Technical Analysis.
Thats all from me for now. If you agree with this Technical Analysis, consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis.
Thanks for your time and good luck trading!
Bitcoin Weekly chart is looking very good.
Why?
Here are my Points.
- Key Downtrend is about to be broken.
- Bitcoin have strong support around 5800-6000 area, this negates all of those 2014 comparisons, as there was no strong support.
- MACD indicates a that a new long MACD wave is rising.
-Inverted Hammer Candlestick(IHC) has formed, which acts as possible trend reversal signal.
- Both IXIC(NASDAQ) and DJI(DOW30) being very overpriced with bearish(weekly, 2weeks, monthly) Signal, possible money from a long downtrend markets may visit uptrend crypto market. (10 years uptrend with tiny corrections just inst healthy at all)
- Low volume. I ve read one funny idea saying Bitcoin is "ded" due to no Volume, but it means the opposite. Bitcoin has the see the lowest volume average, and from there the volume uptrend may begin.
- 100MA slowly headed into 5800-6000 support zone.
- People fear in investing into Crypto.
- Fundamentals of whole Crypto market are just even better than before the 20,000 breakout.
What I cannot predict, is what will happen after the downtrend gets broken, Breakout or just a uptrend?
Bitcoin doesnt have to see a Breakout. I think we are more likely to see a sideways uptrend, somehow same as the key downtrend looks like.
So long awaited uptrend is right behind the corner, after another long uptrend another Breakout of Bitcoin may begin, once again.
Its just another phase, of another Cycle.
Dont believe your emotions, believe proper Technical Analysis.
Thats all from me for now. If you agree with this Technical Analysis, consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis.
Thanks for your time and good luck trading!
Comment:
Uptrend and downtrend getting tight. 50 RSI for 5 days straight, tiny Volume. Important MACD test, lets see what 12h suggest to indicate daily move
Comment:
12h lookout, Bitcoin has to see a strong support on 6500 level, otherwise a retest of uptrend would be likely to happen.
Comment:
Bitcoin 4H, MACD in below neutral level about to see a squeeze, same goes for RSI, slightly below neutral RSI squeeze and also Descending Triangle breakout pattern which is a 50/50 upwards or downwards, sharp move will soon show up. As long Bitcoin is above 6500, it may continue grow.