Bitcoin had a strong drop yesterday, one big red candle, but the drop stopped right at EMA50 which is now working as support.
In the past six months, we saw how EMA50 worked as a very strong resistance for Bitcoin, and it was broken for the first time on the 18 February with good strength and volume, after trading above it, now it needs to be tested as support.
If this level holds ($3800-$3820), which is now also marked by MA99, you can expect Bitcoin to continue its climb up.
On the way up after breaking $3940 the next resistance would be $4161 which is EMA100 (blue line).
If instead selling continues and Bitcoin breaks below EMA50 sitting at $3800-3820, you can expect a drop to $3661, this level is very likely to hold in the case Bitcoin decides to move lower.
Both the RSI and MACD remain strong and Bitcoin has been breaking out on the weekends, so it is normal to see a red Monday, we wait patiently to see how it all develops.
The bullish bias short term remains.
Remember to hit like to show your support.
Thanks for reading.
Namaste.
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Results for some of our recent Altcoins trades (patience is key):
BATBTC (+41%)
LOOMBTC (+24%)
BCHSVBTC (+9.9%)
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ICXBTC (+27%):
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openANX (OAXBTC) (Round 3)
ZENBTC
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Cryptocurrency Total Market Cap. Exclude Bitcoin (BULL GREEN)
Cryptocurrency Total Market Cap Breakout + Bullish Potential
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Lunyr (LUNBTC) +20%:
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Those who want to trade BitMEX with us check out the following trade ideas and make sure to hit like, we will be having some very profitable trades for BitMEX soon (thanks a lot for the support):
Bitcoin (XBTUSD) Upcoming BitMEX Trade (Hit LIKE to receive it)...
Spot on Alan. The EMA50 offers support now and this is aiming at 4380 this time on this symmetrical pattern.
AlanSantana
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@TradingShot, Looks pretty good, I like your view.
TradingShot
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@alanmasters, Thanks. Check out a new RSI finding. Your thoughts on this are more than welcome!
Boon2
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I'm still of the bearish view and the move up was just a correction. here's how I'm currently looking at it. BTCUSD H4 Update, Z down? Checkout the idea detail's and update's for the complete picture.
AlanSantana
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@Boon2, So you think we will retest $4,200 before anymore dropping?
Boon2
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@alanmasters, No, very unlikely. H1 is very clear, we have 5 up with bearish divergence completing the H4 C up and a impulse down with bear flag forming. Z down is imminent, were Z end's is anyone's guess, wave Z just needs to break the low of Y to complete the structure and give the bullish divergence on H4 which is required (99% of the time) before any reversal.
There are a heap of top authors on TV calling the bottom is in place, I only see a correction. We never had a reversal impulse and when that impulse does happen you will have no doubt's about it, it will be crystal clear.