Bitcoin hits oversold on the RSI. Each time oversold is hit on this timeframe after dropping from red trendline, Bitcoin bounces up strong.
Price bounces from August 18 low trendline support.
We are moving within an ascending triangular pattern. Which is bullish in nature ()
This drop is a good opportunity to load up on additional Bitcoin for long term traders and holders.
Buy and hold long.
You can thank me after December 2018.
Thanks a lot for reading.
Namaste.
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We can see our trendline and fib. level working as support. We might have another leg down, few more red candles, 1-2 days, and we will have more information on how this drop will develop.
If we break $6,300, our next strong support is found at $6,100.
Please allow time for the charts to develop.
Feel free to rebuy and reload for long term hold.
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Please like, share, comment and follow for additional updates and more great Altcoins trades.
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Altcoins market update: The altcoins market continues doing great even with this "strong" Bitcoin drop. Overall, this drop is a good development, to release pressure and prepare for the next move/jump.
What does this mean?
We've seen how the altcoins market is maintaining a bullish status. Altcoin after altcoin is exploding up and we are seeing gains in the ranges of 50-100% percentage on a daily basis.
Some altcoins are generating, 100, 200 and even 300%+ in price increase in just a matter of days. After such gains, a correction is expected and it is happening now. Weak hands are being removed; a shake out.
How do I know this is just a small correction/shakeout?
Many altcoins still continue booming today, if we were to continue with a bearish bias we would be seeing all altcoins decreasing and lower highs and lower lows... This is not what is happening.
Today with have STORJ, SBD, OAX, MTH (we have open trades for all these altcoins) and many others doing incredible numbers. TIX for example is up over 100% today... And it continues.
We trade each altcoin according to instructions. Buy in low, wait and hold... later sell on target. Pretty easy. We raise stop loss above buy in level after we start to hit our targets.
Thanks a lot for reading once again.
I love you... Alan Masters here, your friend.
See you later.
Namaste.
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Check this out, my MODBTC signal gave out over 100% profits in less than two weeks... Your support is highly appreciated.
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Bitcoin support is holding nicely and many new trades available in my profile. (I will be sharing a new Bitcoin update as soon as the next move comes)
this guy and crypto maniac are always bullish. so many people have gotten burned by following these guys!
iera
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I wouldn't compare crypto maniac to alan
TheMailMan
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@iera, alan is slightly better, but these guys do not endorse safe trading and have very little concerns to the potential downsides possible. they dont even advise stop losses
vitalman20
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@rsdjosh, not true. Or you have been reading inattentively. SL are there.
@rsdjosh, yup i wonder if these guys even BUY when they post those cuz they post like 10 charts per day lol must be buying 100$ or 1000$ per coin each
IkemenJ
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@rsdjosh, Why do people not want to accept that we are in a bear market? It's natural, don't fight it. We will hit bottom someday, and when we do we'll have plenty of time to buy because everyone will think 'crypto is dead'. You'll know it's safe because the price will go above the 200 DMA.
I sold into cash in March. Glad I did, but still took a loss. I often think how much better off I'd be if I accepted the truth sooner and sold in January...
TheMailMan
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@IkemenJ, its very confusing to me why, but I think its a combination of impatience for the next moon run. So whenever a dreamer sees some slight bullish potential, they for some reason outright ignore downsides, because for many crypto traders, they see this as their one shot at getting rich. Desperation doesn't win here, smarts do. Like everyone was going nuts and calling for 7k when really we were in a descending triangle and in a massive bear flag after a large impulse down from 7.4k, and many bulls who were long got decimated today. I think a bull run is absolutely coming but not yet. People are just letting their emotions trade for them, and most people really arent good traders. theres a reason why most people lose money trading haha
IkemenJ
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@rsdjosh, Agreed. If people realized that they can make money from it going down as well as up they'd be way less stressed out. Nobody's missed out on anything yet, it's still early.