AlanSantana

πŸ…±οΈ Bitcoin Hits Bottom On Weekend FUD! Higher High Next!

Long
BITFINEX:BTCUSD   Bitcoin
All right... So much to look at, where do you want me to start?

My opinion first and then the signals? Sounds great!

Corrections are normal and we've been saying that any type of retrace or correction can be taken as an opportunity to buy-in, rebuy and reload.

We see a correction intensifying due to bad news, market sentiment, whatever... The correction is just running its course.

I think this is healthy.
This is healthy for Bitcoin.
This is healthy for the market as a whole.

As much as we would like to see prices going straight up, reality always comes to wakes us up.
And thus we end in a higher low.

We are looking good.
I mean, Bitcoin and Cryptocurrency is looking good.

Bitcoin Chart Analysis on The Daily Timeframe

Let me start by saying that even though I am putting up some hype on this trade idea, this analysis, the correction can still continue.

The technicals are pointing to a reversal now but we need to consider all scenarios.

Bitcoin remains strongly bullish as along as it trades above the $15,500 to $17,000 price range. The rest is just noise.

Ok, let's get to the analysis.

Make sure to BOOST πŸš€ and COMMENT to show your support.

βœ”οΈ Yesterday's candle closed as a perfect hammer, which works as a reversal signal when it comes at the bottom of a trend. We will know if this is the bottom of this correction after we get confirmation with two sessions closing green.

βœ”οΈ We have this hammer which is a bullish candlestick and the RSI having a full reset.

βœ”οΈ The bounce is happening below the 0.5 Fib. but right above 0.618 Fib., the golden ratio.

βœ”οΈ Seeing a bounce above the 0.618 Fib. retracement level is a strong bullish signal.

βœ”οΈ Today we have the highest buy volume since 10-Nov.-2022, after the last low was hit.

βœ”οΈ The price where the hammer wicked matches perfectly MA200, the long-term indicator. A bounce at this level is extremely bullish. Staying above is also bullish. This level was conquered as resistance and is now tested as support. Being confirmed as support, multiple session BTCUSD staying above it, and we know for sure prices will resume growing.

βœ”οΈ Bearish cross between EMA10 and EMA50. A bearish cross always leads to a price bounce.

βœ”οΈ Todays session is already trading back above 0.5 Fib.

βœ”οΈ BTCUSDC hit $23,000+ on some exchanges and even $26,000 in Coinbase, I believe. This is a strong signal telling you what is coming to the rest of the market.

All put together, the stronger the correction, the stronger the bounce.
The deeper it goes, the faster the recovery.

We are set to resume growing in the coming days.

We will have about 4Billions coming in soon, by Wednesday next week but as usual, we just watch the chart, prepare our positions and let it roll.

All the outside signals are just that, signals; for our trading, we set a plan, buy and hold.

- If our stop is activated we close at a loss and move on. We are adults, we can take a loss.
- If the conditions remain good we prepare to take profits when the targets hit.

There is no need to be "perfect", you just need to stick to your plan, be conscious, be aware of the risks and persist.

We are 100% bullish on Bitcoin and Cryptocurrency but we are not blind nor stupid.

- If prices move and close below $18,000, a warning light goes on.
- If $17,000 is breached, we know that things can get worse.

But technically speaking, the fact is that Bitcoin can produce higher highs and higher lows as long as it trades above the Nov. 2022 low. That's a fact, don't let the whales put doubt in your hearts.

We are here for the long-term.

In the short and mid-term, we continue aiming up.

When the time comes to go bearish, I will be the first one to say so.

Namaste.

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