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 [BTCUSD] 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.
@wildbeast, I will share some for you now. Thanks for the support.
AlanSantana
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@alanmasters, With proof of course.
SRNBTC +106%
BATBTC +107%
XVGBTC + 27% (in few hours)
XRPZ18 SHORT (on target)
There is lots more...
Thanks a lot for the support.
MrDiamondHands
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@alanmasters, These are all slight gains in market cap over bitcoin, but losses against the dollar due to BTC dumping to $3850....
November 4: SRN closed this day at $0.109014, today it is at $0.072028 (34% loss)
September 28: BAT closed this day at $0.169157, today it is at $0.165255 (2% loss)
November 28: XVG closed this day at $0.008203, today it is at $0.007075 (14% loss)
The only profitable trade seems to be the XRP short because it was based on a CFD and in the correct direction. Aside from that, these are all losing trades despite the alt gaining market cap over BTC. Every single one of those trades have only lost USD value, but certainly you must understand that by now....
MrDiamondHands
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@alanmasters, I know for certain that many of these pairs don't have a reliable CFD market.. so if it's not a CFD and you're actually holding the coin as it falls whats the point? You're just losing money at a slightly lesser rate...