[BTCUSD][30% PP] Bitcoin Analysis + Trade - $5669 Next Week...

HIT LIKE to get started...

I am looking at Bitcoin’ on the weekly time frame and a few strong signals are pointing to a bounce up that will lead Bitcoin’ to a price of at least $5669.1 or higher.

Let's take a look at why by reading the chart above.


Bitcoin’ Weekly Chart Analysis

• After the $6000 support broke, Bitcoin’ fell for three consecutive weeks reaching a low of $3657.6. This week, the lowest price Bitcoin’ hit was $3684.4, making this a weekly double bottom.
  
• Bitcoin's price managed to close below EMA200 (orange line) last week but is now trading above it. EMA200 can now work as support.
  
• Our low also coincides with September 2017 support, which is marked green on the chart.
  
• Bitcoin's last weekly candle closed outside the Bollinger Bands for the first time ever. This signal indicates that a strong bounce is very likely.
  
• Trading volume is the highest since April 2018. This is a really good signal.
  
• The RSI hit its lowest level ever and is still oversold. Plenty of room available for growth.
  
• SHORTS have increased by a massive 70% in the past month, a short squeeze might be on its way.
  

These signals are telling us that Bitcoin’ will have a strong bounce and the next resistance to challenge on such a bounce starts with EMA10.

• EMA10 is sitting right now at around $5669.1 which is our next target.
  
• Note: A weekly close below $3657.6 would invalidate these signals.
  

Bitcoin Trade Instructions by Alan Masters

Buy in: $4300

Targets:

(1) $4650
(2) $5250
(3) $5669.1

Stop loss: Close weekly candle below $3650.

This is all for today... :)
Please share your thoughts in the comments section below, and make sure to hit LIKE.

Thanks a lot for taking your time to read.
Your support is truly appreciated.

Namaste.

Trade active

Comment:

ZECBTC looking bullish:

Trade active