We expected prices to increase based on some pretty basic signals looking at the 4h timeframe for BTCUSD... This moved took place ().
What happens next with Bitcoin?
Let's have a quick look at the daily timeframe but once more keeping it simple... Simple is best.
Bitcoin daily managed to close 'yesterdays' candle (23-June) above EMA10 and EMA21, giving the bulls/green now the upper hand.
We have three consecutive green candles but also very low volume.
Low volume can be a tricky signal. It is considered bearish but is not as simple as that.
First, we have to take into consideration the fact that we are in summer and volume has been low all across the board.
Second, we are entering a weekend.
Third, finally, low volume can signal that the action is just getting started... Or, this is just a weak move but we rather believe all the nonsense above just to support our bullish bias.
The RSI is now above 50 which is a clear signal that favors the bullish side.
The last one is the blue square on the chart. This is our support zone.
We've been seeing strong buying in this same area since the initial strong drop in May.
The goal is to hit at least $37,000 to set a local higher high... And then hit above $41,000 so that we can continue the positive outlook.
All in all... We've been expecting BTC to go higher since July 21 (check the related ideas below).
Altcoins Update
The Altcoins vs Bitcoin pairs (ALTSBTC), the ones we trade, will continue bullish/higher highs and higher lows... All that is needed is patience with those.
When the summer is over, we will get back to massive growth.
Hitting like or leaving a comment is a way to show your support.
Remember, it doesn't matter what happens, you will always win if you never give up.
The only way to lose is by selling when prices are down. If you made a mistake at some point or your trade just didn't go as planned, you can always wait it out or simply take the loss and move on.
The market offers endless opportunities... Just as prices go down... They eventually move back up.
I love you my dear friend.
We've been together for many years now
THANKS A LOT FOR YOUR SUPPORT.
Namaste.
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We have a very good scenario here for Bitcoin (BTCUSD) to continue moving higher... Come and take a look with me at this 4H timeframe chart:
Notice how many reactions with the purple trendline. Multiple rejection and it has now been broken decisively.
The MA200 black line also worked as a strong resistance indicator and finally it was taken out.
We were looking at $33,333 in a previous article and this target was also left behind.
We are open for additional growth.
Thanks for all the comments and support.
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Here is another signal that points to higher prices.
When we look at MA200, the black line on the chart, prices tend to "gravitate" towards this line.
When you see MA200 curing down, you can also see prices moving up!
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