Bitcoin (BTCUSD) is on its best rally since the 2017 cryptocurrency market bull run.
After months, years, of bear action, we are finally seeing, enjoying and witnessing the type of Bitcoin that we all love. Astonishingly bullish Bitcoin.
Feel free to hit like now, and allow me to entertain you for a few minutes with this analysis... Where do we think Bitcoin is headed?
Bitcoin (BTCUSD) on the Weekly Time Frame
Bitcoin is full strength, it isn't showing any weakness. Two weeks ago when I was looking at the charts, I could come up with all sorts of bear signals that were just ready to push the bears to the top, but they never materialized. Now, Bitcoin isn't showing any weakness, the chart is super bullish.
Average volume is still low on BitFinex, but this is no big deal. Trading volume has been increasing significantly on all major exchanges including but not limited to BitStamp, Coinbase, and BitMEX. Here are some examples:
BitStamp:
BitMEX (BitMEX volume is especially high):
So Bitcoin is doing pretty good on the volume.
BTCUSD is looking at a bullish MACD with plenty of room left available for growth. The RSI is up there on the bullish side almost reaching overbought, but with still plenty of room to grow there as well, it can take easily 2 more weeks before those levels are reached.
Remember that Bitcoin is King at surprising everybody. So just as this rally can go to $10,000 and beyond, stay alert, as it can do even more just as it can stop and fall.
My view: I believe that Bitcoin can and will continue growing. EMA10 is the indicator that I look at for bullish potential and continuation of a trend. As long as BTCUSD remains above EMA10, we remain 100%+ bullish. Below EMA10 we go bearish. Right now EMA10 is sitting $5849 while BTCUSD is at $8150... So we are clearly bullish in my view. Our main target for this rally is sitting at $9990 (or $10,000). The next short term target is marked on the chart at $8506.
Conditions for change: If we see BTCUSD come crashing down and close below EMA10 on the weekly time frame, we can consider looking for strong support and lower lows. In the meantime, Bitcoin is extremely bullish.
Here you can read about the altcoins market in general and Bitcoin on the daily time frame: Bitcoin Ascends: All Bearish Signals Obliterated (Goes Higher)
What's your take on Bitcoin's next move?
Share your charts, comments, and thoughts in the comments section below.
Love your updates man! There is a lot of structure resistance in the way for this to move to 10K but it hasn't stopped BTC so far so we might just keep going.
We're covering this move on the 4hr chart and the trades have been amazing! Thanks so much for all you do Alan!
MA 100 weekly + BTCUSD 0.768 fibonacci is a strong support
Tony_2Trades
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We have seen short squeeze, after short squeeze with BTC. If we stagnate here around $7600-$8000 I think shorts will start to stack up again and BOOM! We'll see another ROCKET to above $9,000. This is what I am hoping for and what I believe will happen if we consolidate between the two amounts I mentioned for a couple of days.
AlanSantana
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@qsboarder747, Nice perspective thanks for sharing.
CryptoFido
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just5
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TradingShot
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Hello Alan! It certainly aims higher than 10k but we cannot ignore the behavioral pattern of such parabolic movements. In the past and in particular during bull cycles whenever such pattern broke downwards it tested the 0.618 Fibonacci level. So buyers can hold onto their longs until it breaks the parabola and reload lower.
We're covering this move on the 4hr chart and the trades have been amazing! Thanks so much for all you do Alan!