When you see such a big candle, the next thing to look at is the . We have the highest for Bitcoin since December 24, 2018. So we are looking good and we can consider this a great breakout above EMA50.
Remember that EMA50 was an unbreakable resistance since God knows when (Aug-Sept. and Briefly in Oct. '18).
So now Bitcoin is trading above EMA50 as well MA99, which is that red line you see crossing down the last two candles.
The next target is marked clearly on the chart above, which is $4181 (EMA100).
Support is sitting at $3929 (MA99) and followed by EMA10/50 at $3770.
(We can also look at Fib. levels for support)
The is looking great and the is also at its highest since early September 2019.
This will be a good week for Bitcoin .
Altcoins market update in relation to Bitcoin
We saw massive action from the altcoins before Bitcoin started to move. This is something that happens often when the bulls are in play, first the smaller market cap. altcoins move and then Bitcoin follows.
Now you see the altcoins slowing down, here is how this is going to play out according to past experience.
As long as Bitcoin moves up with good strength and momentum, the smaller alts (Binance, Bittrex, Poloniex, etc.) will take it easy and consolidate.
As soon as the time comes for Bitcoin to do its retrace, the alts will resume what they started just a few days.
While the altcoins are slow and retracing, we buy and load up. When Bitcoin stops they will definitely move up.
Here is our strategy for our altcoins trades in simple terms:
1) Buy when the market is RED.
2) Sell when the market turns GREEN.
So we buy when they go down and find support.
We sell when they move up and hit the targets we have established before.
This is just a general idea, you can find more details in all the trades that I post.
This is all... Feel free to hit like if you want to show your support.