alanmasters

Bitcoin Bearish-Sideways Continues: Potential Falling Wedge Move

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) Chart Analysis 1D TF:

Bitcoin ( BTCUSD ) continues trading within a very narrow range. The tendency continues to be bearish-sideways, with the potential of a bullish breakout ( falling wedge ). You can see the details drawn on the chart.

Conditions for change: If Bitcoin is to continue falling, you can expect support within the $3215 and $3280 range.

If this range holds as support, you can expect a bounce from here and a great place to go LONG.

If this support breaks, Bitcoin ( BTCUSD ) goes down and closes below $3215.2, then we can look for additional bearish action and a new analysis is needed.


Support and resistance levels:

  • Immediate resistance sits at $3462.3.
    This is the first resistance that needs to be broken if Bitcoin wants to move up.

  • Immediate support sits at $3405.3.
    This is the first support that needs to be broken if Bitcoin wants to continue moving down.

What's your take on Bitcoin's next move, bearish or bullish?

Please share your thoughts, questions and charts in the comments section below.

Thanks a lot for reading.

Remember to hit LIKE to show your support.

Namaste.
Comment: Solid move by BTC on the 4H TF. A close above $3490 in this time frame will signal really good strength:

- The volume is building up.
- Bullish MACD crossover.
- Bullish RSI.
Comment: Thanks @mojtabaivi (in the comments for sharing).

Chart for Cryptocurrency Total Market Cap.:

- Falling wedge (bullish).
- RSI bullish divergence.
Comment: Immediate resistance is now sitting at $3505 (EMA10):
Comment: This is how the daily chart looks now, EMA50 is where BTC found resistance.



- This time there is no pullback and the volume is very good. I will post a new update.

Thanks a lot for the support.
Comment: Latest Bitcoin (BTCUSD) update:

Bitcoin Aims At $4350+ With Highest Volume Since Dec.

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according to EW' E wave has been has been reached and we bottom from here.
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This is why I love your channel! You called this move perfectly! We got a long trade signal with the Martin Trend Trader and we are up 5.91% right now. Best of luck everyone :)
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Falling Wedge 3800-4000 target
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alanmasters achoCRYPTO
@achoCRYPTO, Thanks for sharing.
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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@Boon2, Your correction up might be finally starting...
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Boon2 alanmasters
@alanmasters, Yes will see, need H1 higher high and i'll be more convinced.
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@Boon2, Take a look at Litecoin, would you consider it an indication of the market moving, since Bitcoin and Litecoin are both linked?
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Boon2 alanmasters
@alanmasters, Hmmmm I'm not really one that follows correlation but I took a quick look. To me I don't think it's a bullish reversal, price action isn't suggesting a reversal to me. One more down I would think but it pay's to buy these C waves when price is so low as you never know. (hope it's the right chart you were referring to)

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