alanmasters

Bitcoin Definitely Moving Lower, At Least $9280, Weekly Analysis

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We looked at Bitcoin short term (4H scale) and we saw it going lower... Now, we are looking at the weekly chart and it isn't looking good... But, before we get started... Feel free to hit like to show your support...

Namaste.

Bitcoin (1W) Chart Signals & Analysis

  • We are looking at a lower high on the weekly time frame. This weeks candle is about to close.
  • Notice the last two red candles, both have a long wick pointing down and above average (high) bear volume .
  • Bitcoin grew from $3120 to $13,800+, after such grow, a retrace is as normal as it goes.
  • The RSI hit its highest level since October 2017, it reached overbought and now is looking down and bearish .

Yes... Bitcoin will move up... but only after moving lower... IT IS THE ALTCOINS TURN!
Want to know more?

Hit like on the image below...


Namaste.

Conditions for change: If BTCUSD moves and closes above the last high, the above signals are invalidated.
Comment: Thanks a lot for the support. We will share a new update soon.

Namaste.
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I don't think so....
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I agree we are going further down before a new run but i don't think it will go down that far. My thought are around $8300, touching the 20W EMA then pushing up past $14k.The weekly RSI is still way overbought.
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When altcoins season is going to start? This idea below explains it
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So what happens in reality. Maybe we are witnessing the formation of a new downtrend at the very beginning.
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well and from close distance
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As an option for such a formation
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