Last week Bitcoin (BTCUSD) went bullish, which is great news as new money enters the crypto markets.
Even while seeing altcoins retracing, which all were having a great/amazing (and continue to have) run, it is still all good as this new money supports long-term growth.
So, once Bitcoin and the big Altcoins have their fun, the money will flow back to the smaller altcoins and the entire market continues to grow.
Retraces and corrections are completely normal and part of the market cycles.
Now, feel free to hit LIKE and let's have a look at Bitcoin (BTCUSD) on the Weekly (W) timeframe.
Last week we had a bullish candle and prices closed at $9944. This is really good for the reasons that I mentioned above.
Bitcoin continues to grow now with prices sitting at $10245 but there is one last barrier left.
If we want to see higher prices, say $13,000 or even 14K, prices for BTCUSD need to move and close above $10,400/$10,500 and stay there.
If Bitcoin manages to conquer this wall, we are likely to see additional growth (green arrow)... Yet, if Bitcoin stays below $10400/$10500 once again, we will see a drop that will likely hit around 6k (red arrow).
This is it for the weekly analysis... Feel free to share your charts with us in the comments section below.
@Gaengphed, we're at 11.200 now. Do you think we'll go back to sub 10k prices ?
Gaengphed
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@PetrusdeCourtrai, Well, that could occur for a higher low imho. I don't have a crystal bowl ;-)
What I do is compare what publishers of ideas write here on TV with eachother and with PlanB's graph (which imho seems more and more credible with each passing month now). For example publisher WyckoffMode provides very decent video's here on TV. Might be of some interest for Alan as well if he doesn't follow him already :-)
@TradingShot, Thanks a lot for sharing. Looking great as usual. :)
Namaste.
Seleme
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this looks more like a channel than triangle to me. Plus I liked more when it was going sideways as there was more money to be made trading alts than with this btc rise. I hate btc, wish alts were decoupled from it, it would be much easier to trade.
AlanSantana
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@Seleme, But we always need new money for the altcoins to continue growing and also they need to take a break from so much growth.
Once Bitcoin stops, the altcoins will bounce stronger.
This bullish Bitcoin is positive for the altcoins market in general.
Thanks for the chart.
Seleme
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@alanmasters, I know. Bitcoin is boss obviously. Just saying it would be much better if everyone is on it's own :D, there would be much more opportunities.