Bitcoin’ had a massive drop and is finally slowing down. We went down from $6400+ to $4400 in a matter of days, something like the drop we were looking for to finally change trend. But we were also looking for a very strong bounce after such a drop ... Said bounce did not happen, so we are hovering around support now.
The price level we are at is a very strong support marked by EMA200 on the weekly time frame:
Now, Bitcoin’ remains long term, Bitcoin’ will continue growing in value overtime as you can see when you look at the long term chart (Note: Not everybody is able to understand this chart... caution... Bitcoin’ has been increasing in value since its inception... ):
Bitcoin’ Short term analysis for $5000 target:
- On the short term, 4h time frame, we have a which is and several reversal .
- After Bitcoin has been oversold massively, you can expect a relief ralley.
- $5000+ Next (In a matter of days).
Please hit like if you would like to see an updated analysis for Bitcoin Mid to Long Term, including detailed updated information of all the indicators and time frames.
Thanks a lot for taking the time to read.
See you in the comments section below.
Alan Masters here...
EMA10 (green line) is working as resistance. If EMA10 is broken, we can move straight to EMA50 (magenta line) and reach our first target.
In the meantime, Bitcoin will continue sideways with EMA10 as resistance and $4200 as support.
If $4200 breakdown we are looking at $3980 (~$4000) next followed by $3800 and finally $3500.
The Bitcoin bear market can prolong for several more months if these support levels are tested. Better if Bitcoin holds here and tries to climb back up.
Thanks a lot for reading and all the support. Truly appreciated.
I love you.
Have a great weekend... always.
We have really good volume and a reversal candlestick on the daily time frame. Bitcoin might have hit its bottom...