We've been seeing Bitcoin (BTCUSD) doing incredible numbers this entire year basically...
Retraces and corrections have been non-existent, maybe a few red-candles or one long lower wick and then more growth... Something similar can happen again.
The next resistance is now set at $28377 which is yesterday's high...
On the daily timeframe, we continue to look pretty good:
When we go to a lower timeframe, 4H as shown on the main chart above, we can see that Bitcoin (BTCUSD) is still strongly bullish.
Yesterday, we were able to spot the drop based on the Doji printed on at 4:00 UTC... But prices are now back above EMA10.
Remember this, we stay bullish always above EMA10.
As long as prices stay above EMA10, the bulls are on top. If prices move and close below EMA10, we look at the bearish potential.
Right now, Bitcoin is trading above EMA10 on both, the 4H and Daily (D) timeframes putting the bulls ahead. The RSI is also super-strong.
So, we remain bullish but on the lookout... Bitcoin is likely to resume its growth.
What's your take? Share with us in the comments section below!
Namaste.
Comment
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We are likely to see some consolidation before the next move... Something like this, this is a possible scenario:
While Bitcoin consolidates the Altcoins can grow. Then back to Bitcoin... We do this back and forth.
If the last high is broken, at $28377, the chances are it moves higher.
If prices remain below this number, the doors are still open for lower prices.
It is a dynamic market, it is always moving.
Trading, is not the same as reading charts.
You should have a plan before you trade.
You can always set your targets and stop-loss BEFORE jumping into any trade.
The previous article where I shared the trade has the numbers in detail.
If you don't know how to use these numbers, then you should skip the trading altogether and learn first before risking any money.
Namaste.
Veronika2020
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@alanmasters,
I am a beginner looking at charts and trading since March 2000. I really appreciate your charts. It amazes me how many people think that, based on the analysis of the chart, they will trade without their plan, even though you keep repeating that they will make a plan. Personally, now the investment in Bitkoin seems unreasonable, the market is already underway and if you invest so long with the knowledge that there is a possibility that bitkoin will be possible to buy even cheaper. I love bitkoin but far better in terms of returns is investing in other koins. They have many analyzes and each person is different. What I have noticed is that long-term transactions are less risky. At the same time, it can take a very long time. No analysis, even the best one, will not give anyone assurance. Knowing the nature of coins and just planning with sometimes a tremendous amount of patience can bring results. But if one loses patience, it is not the fault of the graph but of a bad business plan. I think now is a very good time to observe the market and wait for the opportunity to enter. I'm careful and I want to learn. I don't understand that although you are still writing about a business plan and patience, some do not hear your words.
Thank you very much for sharing the graphs and your opinions.
I think it's good that people who trade on the basis of headlines or one chart analysis will lose money. If they ignore the business plan only the loss of money will force them to understand what a business plan is. My experience is that the desire for a quick and ill-considered profit leads to a loss.
Ahein
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@Veronika2020, I've seen now the other post was updated to Trade closed, so a simple Yes would have sufficed here. :) No need for such a patronizing reply (both of you) on several points of nothing new. Like others, I simply wanted to know if now is a good time to go in or not. From there the variables are many... don't just put everyone in the same basket, only God is entitled to that. Stay humble and Happy 2021.
The trade is correct and valid, we go by the numbers as I explained to you.
If you want to lose your money, go trade without studying first.
Namaste.
AlanSantana
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@Ahein, If you don't know if you should go in or not, then this trade is not for you.
It is a leveraged trade that is ultra-high risk and not for beginners.
Stay away.
I am helping you A LOT!
You should do your research first, learn, and then trade.
If you are unsure about going in, then you definitely cannot trade this.
Veronika2020
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@Ahein,
It is humility to learn, to observe and, most importantly, to think. If I understand correctly, then whether to enter the market now depends on your business plan. And it depends on your expectations and your nature and your patience, as well as your nature and maturity. And only you know that. So you only know the answer to it, you have to give it to yourself and also take responsibility for this decision. So I think the answer is yes for some, no for others. And the difference is in the business plan. Otherwise, I understand you, I also love simplicity and simple answers. But you have to give yourself the answer. Otherwise, I wish all of us all the best in 2021 and great business and more knowledge. This year was great for me in that I met Bitkoin and fell in love with him. Its creator is brilliant. I wish Bitkoin to be as successful as possible, I think that is our common wish.
Veronika2020
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@Ahein ,
I wish Bitkoin the best possible future for all the years to come, and that unites us all, because I am convinced that, despite all the different opinions, we are in agreement that Bitkoin lives.
AlanSantana
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@Veronika2020, Thanks a lot for sharing, truly appreciated.