alanmasters

Bitcoin Short-Term | Incredibly Enough, Still No Retrace!

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Here we have Bitcoin on the 4H timeframe, this is a short-term chart compared to the weekly and monthly charts which we have been looking at recently.

We now have a perfect ascending channel and any selling pressure we see building up is quickly consumed by the buyers/bulls.

The current 4H candle is showing a bullish hammer ... Additional upside is possible and expected based on past history.

You know, charting for me is all about interpreting past data to read potential future moves.

That's why we do not and cannot read new/empty charts.

Past history keeps showing us straight up/more bullish for Bitcoin .

Just a few months back, I was following the conventional mindset and "guessing" that a retrace/correction 'must' happen just because prices have been growing a lot... But if you focus on TA, we cannot make that assumption instead...

We stay bullish as long as prices continue to increase and trading above EMA10.

As long as we have a strong MACD and RSI , these signals are classic and have proven to be correct.

But, if prices close below EMA10 and you see red building up...
We won't stay locked in the positive, we switch, we adapt , and go we with the flow.


This is the Bitcoin ( BTCUSD ) 4H chart.
The technicals are bullish ... higher prices can continue to come.

What's your take?
Share in the comments section below!

Thanks a lot for your support.

Namaste.
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Comments

The Strong Fundamentals are now here. Just looking at Supply & Demand alone, BTC is still undervalued along with ETH and many other coins. Banks and financial folks everywhere are quickly jumping aboard as well as the general public who has either been skeptical or just oblivious to it all together - whether it be investing, adapting to using it, deFi, etc.. It's now the dawn of the future of the new digital age of human existence.
+9 Reply
alanmasters Trader-HP
@Trader-HP, Exactly... Say it over and over... Thanks a lot for sharing.

It is just the time for cryptocurrency to shine... 2021 and beyond.

Namaste.
+4 Reply
Snacks Trader-HP
@Trader-HP, Yup :)
+2 Reply
Bitpal Trader-HP
@Trader-HP, well said it’s coming along very nicely indeed. All the best.
+3 Reply
Its still 50-50 whether a retracement at this price level is coming or not. Bulls and bears are fighting fiercely after BTC hits 42K but I think its a clear path to the 60K if BTC take out 42K resistance and hit above 43K which indicates that the bulls won the battle.
But if the bear won, a retracement to 33K, 27K, 24K and 20K will be on the table.
+7 Reply
alanmasters Cryptodesperate
@Cryptodesperate, Thanks for the detailed analysis and comment.

Sounds pretty good.

Namaste.
Reply
I expect a temporary top around 50k followed by a medium sized retrace, possibly back to 39k to shake out leveraged longs, but not lower.
And then back up again, but slower, and altcoins will be doing better then.
Call me Not Stradamus :-)
+7 Reply
alanmasters PetrusdeCourtrai
@PetrusdeCourtrai, Great comment... Thanks for sharing.

50K is a lovely number, we would be extremely happy to get there.
+4 Reply
Trader-HP PetrusdeCourtrai
@PetrusdeCourtrai, Sounds very realistic, I agree.
+1 Reply
and here comes the retrace!!
+3 Reply
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