alanmasters
Short

Altcoins Market + Bitcoin Starts To Retrace (Going for $4280?)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin started the much-expected retrace that everybody was waiting for.

The altcoin market is also retracing which is natural, healthy and good.
We had some major bullish action in the past few weeks. After a strong wave up, comes a strong wave down.
I believe this correction, for the altcoins market, can go for another 1-2 weeks, we will see how that goes.


Now back to Bitcoin:

  • I mentioned EMA300 (gray) in my last article, an impulse up and also a retrace. Now that Bitcoin broke below EMA300, even though the daily candle is yet to close, we can expect the retrace scenario to start to play out.

  • As main support levels I am looking for EMA200/MA200 as well as EMA100 (blue line) after that.

So the immediate support for Bitcoin ( BTCUSD ) in my view is EMA10 sitting at $5020 on BitFinex.

Bitcoin can move much lower and test multiple support levels before any bullish action is resumed.

Whether Bitcoin bounces right away, after a few weeks or goes deep down will depend on how this retrace develops, my main target is around $4500 and we will go from there.

What's your take on what Bitcoin will do next?

Please share in the comments section below... Oh, and remember to hit like if you enjoyed this post.

Namaste.
Comment: Previous analysis:
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next big dump Ready for a slip!
Countdown started
Watch out for surprise!
Whales are selling again!
The target is 12 to 15 percent lower
+1 Reply
@IRCSAS, I definately agree that!
+1 Reply
Very nice hammerstick forming. Reversal from the short decline?
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Spotted potential SHS pattern, This could be the game changer check it out. Welcome back the BEAR!!!!

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Great work again Alan! Personally I think the pull back potential is greater than 4280 but the weekly RSI will tell. If in 5 weeks time the weekly RSI is between 41 and 44, then it will be a buy signal. I am really curious to see how this unfolds! Let me know what you think.

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Alan! The legend :) I would love to see this price go down to your .236 level. That would be a really nice short trade for everyone who is short with us right now. I think we have the momentum to take us there and with the indicators showing overbought that is a good sign we will keep heading down. Our Trend Meter is sold red right now so that's a great sign we are due for a strong move down. Shalom! :)
+3 Reply
alanmasters TradeIndicators
@TradeIndicators, Shalom.
+1 Reply
hi BTC and crypto market is not the same as other markets
and BTC is always unpredictable and the whale do opposite what TA experts & tops are thinking,

the sharp BTC move from 4200 to 5200 shows that we are not ready to go up,
Its' market for whales and patients trader, we will touch the "cycle bottom" 1800-2500,
when the Moriarty are disappointed,the market is ready to go up,
and ,
1-volatility should be low
2-new comers should come
+1 Reply
@toobapay, Thanks a lot for the great insight, appreciated.
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all crypto is scam! manipulated piece of sh...
+1 Reply
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