alanmasters

Bitcoin Remains Above EMA50 + Weekly TF Update + Altcoins

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I am looking at Bitcoin ( BTCUSD ) on the daily time frame and notice that EMA50 is holding nicely. This is the resistance now turned support that I mentioned in my last analysis.

As long as Bitcoin remains above EMA50, it remains strong and keeps its bullish potential.

On the other hand, Bitcoin is also battling EMA10 (green line) right now, not being able to close above it for the past 4 days. So we have Bitcoin trading within EMA10 and EMA50, we are obviously looking for a close above EMA10 to further support our bullish bias. These are the only two indicators we need for now.


Bitcoin Weekly Time Frame (TF) Update

We are going to be looking at EMA10 again but in this higher time frame. Here is the chart:

  • Bitcoin hasn't traded above EMA10 since August 2018, it happened just briefly and then it quickly fell back down. Before that Bitcoin managed to break above EMA10 and EMA50, back in July, only to fall again.
  • EMA10 is now sitting at $3903 on this time frame with current price sitting at $3915 at the time of this writing. The weekly candle closes after tomorrow, in 49 hours from now, and a close above EMA10 would be beneficial to the bulls and a first since late August 2018. Surely a milestone that is needed if Bitcoin wants to start a new trend up.
  • The MACD is showing a clear bullish crossover which will be interesting to see how it will play out.
  • Overall volume is still to low. Good volume is needed to confirm the break above EMA10. A passive breakout can happen but it would signal that Bitcoin will continue moving with slow volatility .

My view: I remain bullish on Bitcoin as long as we are above EMA10 on the weekly and above EMA10 and EMA50 on the daily time frames. These are good indicators to use now as they have been holding and supporting the price nicely.

I would like to see how the second half of March will play out...


Altcoins market update

The altcoins are doing good. More and more altcoins are generating massive profits and there seems to be no stop to it.

If you visit my profile and receive the hundreds of updates that I share, you are aware of a large number of altcoins generating massive profits over and over.

So the altcoins market is doing good and I am seeing more and more altcoins breaking above strong resistance easily and preparing for a mini bull run. Profits generated in the 120-250% range over and over.


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Yes you can use positive affirmations and visualizations, but just like trading, it will take patience to be able to collect and enjoy the fruits of your labor.

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Thanks a lot for reading.

Namaste.
Comment: Bitcoin Monthly Time Frame (TF) Update

Comment: We are looking at a higher low and a Doji on the daily so far (candle yet to close), with Bitcoin (BTCUSD) still trading within EMA50 (magenta) and EMA10 (green).

Here is the chart:

In simple terms:

(1) Below EMA50 bearish potential.
(2) Above EMA10 bullish potential.
(3) Inbetween (now), sideways.

Pretty easy?!

Thanks for reading...

Namaste.
Comment: Looks like sellers are being rejected once more.

Bitcoin dropped on the hourly time frame just to quickly move back up, printing a hammer. This candle closes in 10 minutes, so it can still go back down or higher up:
Comment: And a series of higher lows:

EMA100 (blue line) clearly working as support on the 4H time frame:
Comment: XBTUSD 4H short term update:
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Drop at about the same time as last week..
Reply
@SaltyD, You think we are moving up?
Reply
SaltyD alanmasters
@alanmasters, I think we are bullish in short term. After that I do still think a drop to about 3600/3400 is a possibility.
+1 Reply
@SaltyD, Agreed.
Reply
I always read your great TA but these positive affirmations and money tree metaphors are hippie BS.
+1 Reply
alanmasters serviceleads
@serviceleads, Thanks for the feedback... appreciated.

Namaste.
Reply
Also : When whales start buying like now its time to buy : https://www.investinblockchain.com/crypto-whales-570m-worth-btc-accumulated-100-biggest-wallets/ whales buying up
+2 Reply
@crypto008, It was a nice read, thanks for sharing.
Reply
That's great Alan. It matches my dip buy levels as well. 1W MA200 is still holding but there is also a clear resistance at 4250. Most likely the price will consolidate for a few days hence I am looking to buy the dips above the 1W MA200 and target 4100.

+1 Reply
alanmasters TradingShot
@TradingShot, Beautiful chart as usual. Thanks a lot for sharing.
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