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Bitcoin 4H Time Frame
Bitcoin can surely move up from current levels, I've drawn the main scenario I see developing on the chart above.
Let's take a look at why and at some of the main signals below:
Looking at the RSI
- We can see a huge decline, I mean massive after the top on the 5th of August, it reached oversold yesterday, massively oversold down to 13.88... Bitcoin tends to bounce when it reaches such levels on the .
- The purple arrow marks the hidden . This shows up when the trend is up (Higher lows)) while the indicator is down (Lower lows).
- After the dashed red trendline is broken, you can expect the to move higher and higher.
Looking at the and Candlestick
- Here we can see that Bitcoin ( BTCUSD ) touched the outer part of the , to quickly bounce. The price always trades within these bands... This is a great indicator.
- On the bounce a formed. You can see it marked on the chart. The large wick at the bottom means the rejection of sellers.
- High is good, supports the bounce. Also supports the bounce back into the as well as the and break above EMA5.
- So unless the bears do a massive push down and break the last low set, Bitcoin is very likely to move higher from here and challenge the next resistance levels.
Feeling the market: As you can see, multiple signals are pointing towards a bounce here but it is very likely we will see some range-trading or sideways action first. This sideways action will allow for the altcoins market to grow (ALTSBTC).
The last low can still be broken to shake out some more weak hands, but we can expect the $9100 support to be a very strong one if this happens.
After some decent consolidation, we can analyze the next move which right now feels up.
Altcoins Market Update: Yesterday's drop was massive for Bitcoin yet we can see that the Binance and Bittrex altcoins, the ones we mainly look at, remain consolidating on support and continue printing charts. All of these will have a massive explosion soon. The market sentiment needs less than 3 weeks right now to fully change.
We will see the altcoins market move from extremely to extremely ... It will be a drastic change.
As for us...
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This is Alan Masters.