Bitcoin has been creating higher lows on the 4H time frame, with a higher high hit yesterday.
Looking at the chart, you can see this marked with a green dotted line, this is our trendline.
The way I see it, as long as BTCUSD can stay above EMA10 & EMA50 (green & magenta lines) on this time frame, it can continue on the short term bullish bias we are seeing with the recent breakouts to the upside.
But, if Bitcoin (BTCUSD) was to fall and close below these levels, it can start going down and test our next support.
- Our main support for medium to short term, is sitting green on the chart at $3550- $3600. The immediate support is sitting at $3750 (EMA50). - Now, on the way up, we are looking to challenge and break EMA100 ($3791) as our immediate resistance before we can challenge our last target for our latest XBT LONG trade ($3800). (See it here: )
- If Bitcoin can move up strong, which it will do most likely today or tomorrow (or by mid-week depending on how the charts are looking- as I mentioned in my previous analysis), then we have resistance sitting at $3900 - $4100 after EMA200/MA200.
Where do you think Bitcoin is headed next?
I believe Bitcoin will continue moving up, we still see "sell" marked by the Trading View barometer, so we are leaning more torwards buy...
Share your thoughts in the comments section below.
Namaste.
Comment
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Previous analysis:
Using A Manual Stop Loss For Beginners @alanmasters (Learning)
Namaste. Yes, Bitcoin does prepare to move. But not what you think. ;-) Bitcoin is about to make another big drop, you numbskulls. This time it will go down right. The first fall will be 0.236 of the total, as last time.
Timothie_Roggers
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congrats on another great chart alan, next time you are charting something think of all the people that actually lose money trading what you put up
UnknownUnicorn3272583
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Called the trap and the dump!
KassandrA_dotcom
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If there is some people who understand french here : i made 2 video :
With a very long term outlook, 2010 to 2035 (1M$ BTC ?). Educational content
Corn_Reaper
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Looks like we bart back up from here (as opposed to the scary sentiment all over tv) and we have 1 last wave towards our wedge resistance before that big drop: