I have to be honest with you as I always am... There are some indications that do worry me and there is a potential for Bitcoin to stop growing at this point, I mentioned this in my previous article for IOTXBTC.
But the chart is on our side and this all changes if BTC can move and stay above MA200 on the daily timeframe, that's around the $45,250 price level.
On the weekly chart we are looking really strong when it comes to the technical part.
We have the "Three White Soldiers" pattern which is bullish and prices remain strong.
This pattern can lead to a short-term drop followed by additional growth.
Other than low volume this week everything looks bullish.
EMA50 was strongly tested as support and it has now been left behind.
Bitcoin is trading above all EMAs, EMA10/21, which is a bullish sign.
The RSI is above 50, super strong on the weekly.
The MACD stays above the zero line even after ~50% correction.
This is all points higher...
In conclusion, we continue aiming higher unless Bitcoin moves and closes below support.
This is Alan M... Alan Santana.
Thanks a lot for your support.
Namaste.
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Here is the daily chart with support and resistance levels.
The point I like, besides the accurate analyses, is the Alan's mood - always calm, constantly positive... And the fact of high time frames observation, not 15 min charts...
Keep up with the excellent work mate!
That is looking nice. The dips seem to be shortening the last couple weeks. 45k being possible support again is super bullish from where things have been for months. Thanks again!
Sobhan_23
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That’s an obvious rule,nothing can increase all the time,corrections makes the process more accurate and more valuable to analyze!
Caldir
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Is there still a discord channel?
DanishRaja
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Excellent analysis as always. Keep the spirit alive. Thumbs up :)
Keep up with the excellent work mate!