What is happening with Bitcoin (BTCUSD) now? (Please hit LIKE to support this trade idea)
Looking at all the charts here on Trading View, we can easily say that we are having some really mixed feelings... Will prices go up or down? What about the chart signals, what are they saying?
We have mixed signals because of how we read charts. Some signals are stronger than others and this is important to keep in mind... Let's make a quick example.
We consider trading above EMA10 to be bullish, but it isn't the same to see prices move above EMA10 after a bounce off support while trending up vs a resistance level being hit and prices staying above EMA10 while trending down.
In both examples, we have prices above EMA10 but one can be considered bullish (bouncing off support) while the other one can be considered bearish (rejection at resistance).
Now, here we have Bitcoin (BTCUSD) moving higher until it finally faced resistance, this resistance is marked on this chart with a red line.
The trading volume is above-average but generally low, not what you would expect in a bull market.
Finally, the most important signal, BTCUSD is still trading within a "Lower High" compared to previous price peaks... Ever since June 2019, lower highs continue to persist. We remain very cautious with Bitcoin unless a new high is hit.
We Go Bullish If...
The trendline above has been a major resistance/rejection point for Bitcoin's growth but another important level is the $10,000/$10,500 price range.
If Bitcoin (BTCUSD) can break above this level, we switch to full bullish right away. If Bitcoin stays below... Feel free to join our SHORT:
Remember to hit LIKE to show your support.
Namaste.
Comment
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Come on, Alan. You know how to draw trend lines properly.
You didn't even connect the Feb. high!
Technically speaking, Bitcoin is breaking out on the weekly as shown here:
Are you using the people from your 8x lever idea as liquidity?
Even though this breakout could revisit 12K+, there is a problem.
The RSI will print severe bearish divergence unless this revisits ATH, due to the March drop.
Where the RSI is at the moment, price should be well above $10,400.
Either way, a very strong move is about to ensue. Either 11.7k+ or ~3.5k.
Aka it could go up or it could go down.
Tisk Tisk, Alan..
AlanSantana
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@teh_salesman, It is not about the trendline but the direction in which the price is heading.
MC_Peewee
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@alanmasters, The trend line is what dictates which direction price may go. That, and EWT.
I do believe you'll be correct on the direction due to my own analysis here:
<deleted>
BUT that doesn't mean your trend lines aren't incorrect.
TECHNICALLY speaking, as far as trend lines are concerned, Bitcoin is now on its 3rd attempt to break out on the daily:
Monthly is showing severe bearish divergence:
Weekly RSI is possibly double topping at 60.
And the daily shows hidden bearish divergence:
So, yes, I do believe your call will be correct.
It will come at a price, though. Shorts are going to get smacked before we dump.
Your 8x should be safe, though.
AlanSantana
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@teh_salesman, Thanks a lot for the detailed comment, appreciated.
MC_Peewee
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@alanmasters, See you at 10.5k/$10,125 buddy.
AlanSantana
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@teh_salesman, Something like this?
MC_Peewee
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@alanmasters, Shorts are going to get smacked. That fractal may play out and all, but I'm positive this breaks 10k again on a fat wick before we actually fall.
It's this entire markets easy sure-fire way to liquidate retail and get free liquidity...
Tisk Tisk
AlanSantana
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@teh_salesman, I understand and agree with your analysis...
MC_Peewee
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@alanmasters, Technically, that analysis can be invalidated if shorts do end up getting smacked first.
Either way, this liq's shorts and then falls. It's free liquidity for Bitmex and the rest of the financial cartel.
If they don't, I would be DAMN surprised.
Which I really pray you aren't involved in, cause you are one of the top5 analysts I was consistently watching when I first started here.
You didn't even connect the Feb. high!
Technically speaking, Bitcoin is breaking out on the weekly as shown here:
Are you using the people from your 8x lever idea as liquidity?
Even though this breakout could revisit 12K+, there is a problem.
The RSI will print severe bearish divergence unless this revisits ATH, due to the March drop.
Where the RSI is at the moment, price should be well above $10,400.
Either way, a very strong move is about to ensue. Either 11.7k+ or ~3.5k.
Aka it could go up or it could go down.
Tisk Tisk, Alan..