AlanSantana

Bitcoin Weekly Update, Going Back To Basics (Full Analysis)

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We've been looking at Bitcoin on the short-term timeframes but what about long-term?

We are strongly bullish on Bitcoin long-term aiming for $80,000+ or even $100,000+ late this year (2021) or Q1 of the year 2022...
This is great news.
  • But, do the charts support these targets?
  • Is Bitcoin ready to move ahead?
  • What about last week strong bearish candle?
  • What will happen to the Altcoins?

Feel free to enjoy now and let's get to those answers.

Bitcoin Weekly Update, Chart Analysis + Altcoins Market Update

Last week Bitcoin printed a strong bearish candle...
Prices dropped from a high of ~$53,000 to a low of $42,900.

This $42,900 low matches perfectly EMA21.
This level is also below EMA10 but the price recovered that same week and the candle close at $46,035 above EMA10 and EMA21, which is good.

Corrections are normal.

This drop was fueled by the liquidation of Billions of USD worth of LONG positions...
Nothing really when you look at the long-term picture here.

I say nothing because Bitcoin's price clearly remains trading above EMA10.
  • Any trading above EMA10 = bullish potential.
  • Going below EMA10 = bearish potential.

This is going back to the basics.

The MACD is on the bullish side and the RSI super strong.
We consider the RSI weekly to be strong above 30/35 and here we are at 56.

EMA10 and EMA21 were tested again this week and we are seeing some green.

Next: The immediate support is set in the range of $42500 to $45500.
All great above this range.

If it goes below this range the lower prices become possible; mainly, EMA50 around $37,000/$38,000.
Still, even with strong bearish action taking place, WE REMAIN BULLISH ABOVE $28,600 (June low).

It is important to keep in mind the broader trend, the bigger picture not to get lost in the small moves/inevitable market swings.

A drop from $53K to $43K is not really big...
We have to take into consideration that Bitcoin grew from $28,600 to $53,000, that's 85%+.

Corrections are necessary for Bitcoin to continue with its growth.
It can correct and correct and we are bullish as long as we remain within a higher low.

Forgetting about the bears, the Bulls continue to have the upper hand as the basics signals have shown.

We have the strongest fundamentals in a long while...
The TapRoot Network upgrade will be active as soon as November 2021 comes.


Conclusion

The Bitcoin ( BTCUSD ) Weekly (W) chart technicals are bullish .
The fundamentals are also really strong.

The institutions are now coming in.
Countries are starting to open up.
Bitcoin is being used for day to day purchases which is something we have never seen before.

$100,000, $250,000 or $1,000,000 for 1 Bitcoin is not impossible to achieve.

Think of the Internet days, those companies that defeated all expectations up until this day... Bitcoin is a technology not similar but better than these.

Regardless of what the chart says, when we look at Bitcoin long-term, past history tells us that the best move is for us to buy and hold as much as we can and continue to repeat this process long-term and this is a sure way to win.

Altcoins Market

The Altcoins growing as well is always a bullish signal Bitcoin and vice versa. Money flows from Altcoins to Bitcoin and from Bitcoin to Altcoins. In rare occasions only money leaves the market and this is not the market phase that we are on.

With worldwide Cryptocurrency adoption taking place, all systems being updated/upgraded and being prepared... It is the time to jump in, STRONG HANDS.
Plan for both, the bullish and bearish potential scenarios and you will be fine just by being prepared.

We took the worst bear market from 2018 until late 2020...

The bull market will last much longer.
There are thousands more coins so all the cycles become longer.

If the last bull market for the Altcoins lasted 1-2 years, this time it will go for 2.5-5 years.

Do you agree?
How long do you think the Altcoins will continue printing higher highs and higher lows?

For how long do you believe that Bitcoin will continue on its ultimate bullish run?

Remember, Bitcoin has been bullish since Day One (1).

Namaste.
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