Bitcoin has finally started its retrace after much bullish action. The important part to look at right now is for support.
I've marked several support levels on the chart above with green dashed lines, and they go as follow:
BitFinex:
(1) $3949 (2) $3741 (3) $3593
Coinbase:
(1) $3865 (2) $3665 (3) $3523
These are the main support levels for Bitcoin (BTCUSD). If one level does not hold, we look for the next one.
We are aiming for at least our second support (2), knowing that BTCUSD will go as low as (3), most likely.
I will be keeping track of the charts.
Feel free to leave a comment if you have any questions.
Thanks a lot for reading.
Namaste.
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BitMEX (XBTUSD) Support level are equivalent to Coinbase, BitStamp, etc. Mainly BitFinex is different due to the USDT situation (they measure against USDT and not USD):
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Looking at the daily chart with support levels and potential bounce scenario:
- Note: For these bounce scenarios to play out, certain criteria first needs to be met. But this is a general idea.
- The green zone is the demand zone and double bottom zone if BTCUSD decides to move all the way down.
- If the demand zone/low is broken, then we look for support at lower levels. A new analysis will be shared with those levels.
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Bitcoin can go lower, wait for the right time to buy back in. We had a XBT LONG which we closed at $4,000 which generated over 100% profits. I will share a new one once the set up is fully complete with even higher profits potential:
- Bear volume is higher than all previous bull volume. Bitcoin will go lower.
Here you can see our XBT LONG, I will post a similar one once the set up is complete and you can earn easily... Patience is key!
This is confirmation that the MAJOR exchanges control the direction of the entire crypto market cap. Not supply and not demand, it's the exchanges themselves. See what happened there? PEOPLE WERE GETTING BULLISH AND BUYING high into the order books, the exchanges allowed the prices to rise, then just like that they dropped the entire market 2-3 deviations lower, making all the long buys over the past hours now under water. This is how they make their money. It's simple, the MAJOR exchanges you're buying from are trading against you. There is no real demand volume that FORCES prices up, it's artificial synthetic volume created by the exchanges to give the appearance of liquidity. They control the order books and price direction to maximize their profits, that's how the exchanges remain in business. No way an exchange can survive off of trading fees, that's mere DUST!
AlanSantana
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@streetgainer, Thanks a lot for sharing. Many of us agree with you about the part the exchanges play in manipulating the market. The exchanges here are like the brokers in conventional trading.
GettingAnotherMillion
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Not so fast my friend.
alanmasters:
"Bitcoin Moves To $4500 Next According TA (Support + Resistance)"
the next day:
alanmasters:
"Bear volume is higher than all previous bull volume. Bitcoin will go lower."
Patience is the key, your followers might get confused.
I suggest a deep meditation.
For a clear mind.
Those that only read the title might get confused.
Everything is clearly explained including "CONDITIONS FOR CHANGE".
Thanks a lot for the support.
Namaste.
InvestingScope
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Thanks for your great input Alan. Well this pull back was somewhat obvious on this comparison with the 2015 candle pattern. Squeezed Ichimoku Cloud, the 50DMA - 100DMA nearly crossed and a nearly overbought RSI. It was a perfect bearish sequence and we took the short call at 4,200:
Cryptocautious
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Hope it does not go to 2k as some "experts" claim in the crypto tabloids. I had a weird feeling about today, but hoped this would be a true bull run. Sunday sell off's.
AlanSantana
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@Cryptocautious, I was also having a pretty strange feeling this morning... Look how it went.
I am with you on this one.
Cryptocautious
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@alanmasters, Actually, if you look at my poorly written articles, I've been calling this for days. I have a lot of respect for you and your methodology, thinking of signing up..... though i need to see what my losses are lol.
Cryptocautious
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@Cryptocautious, one thing... I thought i had learned the cycles these past few months... but i broke my own rules. Also missed both friday surges due to appointments. A loser in a bull run lol. Current market is baffling.
AlanSantana
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@Cryptocautious, This is just a corrective wave up. We are in a bear market with short term bullish bias.
It will be so much different when we enter a bull run.