Bitcoin Remains Strong: Consolidation Continues ($8800+ Next)

I am hoping that you are having an amazing day, as well as a lovely new week.

I would like to take a quick look at Bitcoin, with you, and prepare for our next trip...

Bitcoin Remains Strong: Consolidation Continues ($8800+ Next) by Alan Masters (Thanks for your amazing and continued support!)

Let's take a look at a few quick signals, just for our own learning and entertainment, this is literally done for you to have some fun.

Ok... Let's get started!

EMA200 (brown line) has been tested three times already at our main support which is $7855+.
You can see my previous analysis here, where we spotted the next support early on:

This support held through bear action on the 26th, 27th and now 30th July and Bitcoin continues on its sideways move.

You can also notice on the chart above the bullish crossover of EMA10 (light blue) and EMA200 (brown) lines. This development is very positive and further confirms our main support (short term).

The RSI and STOCH both remain in the bullish zone, but showing space for more consolidation and retrace, it can take a while before we complete this phase.

On the weekly time frame, there is a bullish crossover on the MACD. And the RSI and STOCH as well are looking pretty sweet.

I was worried a few weeks back about the bearish crossover of EMA50 and 10, this bearish signal has been cancelled and the weekly time frame is now on the bulls terrain.

Our next primary target is $8880+.

For now we continue to relax, this is the consolidation phase.

Thanks a lot for reading.

I love you!

Alan Masters here...

Namaste.

Comment:

Altcoins market update:

The altcoins continue suffering after Bitcoins last push up. I am getting many mixed signals from the charts, some positive, some hit bottom and others are going down strong. So mixed signals... more time is needed to know when the real action for the altcoins will start.

I would also like to mention a project that I am paying attention to. It is called Hexxcoin (HXX) and has very good potential, you should take a look.

I am also looking in CoinEx Token (CET), which has great potential and offers passive income at the same time. Maybe you can spare for these coins some of your time. Just a small purchase, with a long term hold, can make you lots of money when their moment comes.

I hope you found this update helpful...

I promise that I will bring you more.

Namaste.

Comment:

We also have Bitcoins monthly candle closing today, and the monthly candle is also looking bullish.

Bitcoin monthly chart:

On a different note, we have $8440 as our main resistance short term, this comes before $8800+, but it can be taken down in one hit if Bitcoin decides to move up!

Comment:

If we breakdown $7855, we will go to $7690, short term, followed by $7340 bsed on the 4h time frame.

On the daily our main support levels will be sitting at $7855 followed by $7450-$7530.

If these levels hold, we can continue our sideways consolidation.

Comment:

Retraces in price, when we are bullish, are good and part of the process.

We need to go down and remove weak hands before we can continue with our next push up.

The week just started, please allow time for the charts and signals to develop... In the meantime, Bitcoin continues strong. We have to complete this retrace, in full, if we want to continue move up.

So just give it time and make sure to look at several different time frames to get a better idea as to what is going on.

Comment:

The famous WYCKOFF chart:

Thanks @xuanhaimmoer

Comment:

I wrote 3 hours ago:

"If we breakdown $7855, we will go to $7690, short term, followed by $7340 based on the 4h time frame. "

As you see above, we dropped to $7668.7... And I don't like the strength of this drop, if it continues likes this, we can keep on going straight into the $7300-$7400 range.

So get ready... but this still needs time to develop and confirmation from daily and weekly candles.

So we wait and patiently...

Comment:

Another analysis from one of our great commentators @fadywanis

Comment:

Here is the channel we are trading within, we've hit oversold on the RSI (4H TF)...

Comment:

Bitcoin is trying to find support at the $7400+ level. We keep tracking the chart, let's take a quick look:

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We continue going down with lots of strength, at this rate we will test $6,800 by end of week.

- We want to create a higher low by bouncing from the green line, or else we can go lower and test even more important support levels.

The weekly chart can also give us a clear picture:

Comment:

If the $7300 - $7400 level holds, we can try and challenge our resistance levels again, but we need the daily candle close for stronger confirmation.

Right now we only have early signals on the 4h chart...

Comment:

We want this to be our bottom. If support holds here, in the $6850 - $7000, we can look to continue our upward movement.

Here is the chart:

Comment:

Here is how the weekly candle closed, not a good week last week for Bitcoin. Bitcoin needs to hold or else we will have additional bear action:

Comment:

Looks like this Bitcoin retrace is almost over... Soon we will have another wave up!!!

Comment:

We stay on track, retrace ending soon according to most signals from my chart.

Looks like another wave up... and it will take another few months before Bitcoin's next bull run.

Comment:

Let me show you the charts...

D:

4H:

I believe we will have a wave up in the coming days... This wave up can last a few weeks followed by another wave down, at this point the market will have to make a decision to either go bear or bull and I tend to lean towards the bulls.

I can see and understand the bear perspective, but if it does play out, I am seeing it going as far as December 2018 at the maximum, if the bears win. From my view, I believe Bitcoin will be doing pretty good compared to now by December.

I am a Bitcoin Bull!

What's your take?

I will be posting a new trade idea and updates in the near future.


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Please know that I appreciate you taking the time to read my posts...

Have an amazing week.

I LOVE YOU!

Namaste.

Comment:

We have really good volume today...

Comment:

New Bitcoin Trade Idea (click image below):