Bitcoin Looking To Retrace, $10,400 Possible, Full Analysis!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The Bitcoin charts are changing and the BTCUSD pair might be looking to retrace... But we have multiple scenarios that can play out, so let's take a look at those and where are the relevant resistance and support levels.

We start with the chart as it is now:

  • Bullish Bitcoin: Bitcoin ( BTCUSD ) made a strong bullish move and grew by 35% from the 28th of July until the 6th of August.

  • After reaching a peak price at $12325, we are seeing early signals for a potential retrace, but Bitcoin remains bullish as long as it is trading above EMA5/EMA10... Here are the different scenarios:

  • 1) Bullish Bitcoin . Bitcoin moves higher past $12325 and challenges the next resistance at $13,200. The main challenge to break to move higher here is now sitting at $12,325.

  • 2) Bearish Bitcoin . With three days in a row failing to break the last high and EMA10 not being tested since the first of August, Bitcoin can potentially move down looking first at $11,260 as support (EMA10), followed by $10,400 (EMA50) if EMA10 can be broken with good strength and volume .

  • For the bearish scenario, we can see the MACD starting to curve down. A bearish divergence can be spotted on the RSI but this one still remains strong above 50.

Feeling of the market. Looks like Bitcoin ( BTCUSD ) can still make a surprise move and change what is starting to appear as an imminent retrace... The feeling we are getting is that there might be one final push up... If this push doesn't happen, expect for BTCUSD to move down and test $11,260 first to either bounce here or go a bit lower before we can analyze the next move.

Market action. Any trading above EMA10 (green line / $11260) we consider bullish and Bitcoin's bullish potential remains to test higher resistance levels/targets.

If Bitcoin breaks below EMA10, we focus on the bearish potential and test the next support.

Altcoins break. Looking at some early signals coming out of the altcoins pairs, Bitcoin might start its retrace within 5-7 days...

What about you?
Where do you think Bitcoin is headed next?
What about the altcoins market, is it gone?

Share your thoughts with us in the comments section below...

Comment: Here we take a look at the weekly timeframe:

- We can see a bull flag.
- Bearish divergence on the MACD.

With Ichimoku Cloud:
Comment: Ethereum Looking To Move Lower vs Dollar, 145$ Next?
Comment: Blox (CDTBTC) is now moving rapidly...
Comment: Bitcoin moved lower and it's likely to test $10,400 as shared in our analysis above.

A new trade idea will be shared soon.

Thanks to all for the support.

Comment: Latest update:
Trade closed: target reached: ~$10400 Hit. Thanks a lot for the support.
πŸ”₯ Telegram πŸ’¬

🌐 Trade Crypto NOW!
(Crypto-Trading, Altcoins, Binance, BitMEX, Strategy, Chat & Support)

βœ… Telegram Signals

I like your work.
This is my Short scenario for XBTUSD
Good RRR.
tell me about it

Thanks AlanΒ‘ I like your idea.
I'm still the same opinion I have been 2 days ago. We will retrace into the consolidation zone.
Samoto Samoto
It looks more bearish to me super short term also:
@Samoto, Thanks again, these are good charts.

+1 Reply
@Samoto, That's a good chart, thanks for sharing.

Sideways consolidation is surely possible... We will see how it goes.

Thanks for sharing.
+1 Reply
Samoto alanmasters
@alanmasters, u are welcome. It's always good to exchange the opinions and discuss possibilities.
+1 Reply
@Samoto, Indeed, experience showed us that we need to remain open to all possibilities always...
+1 Reply
@Samoto, same! Looking for the drop as well.
+3 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out