Good Monday my fellow and successful cryptocurrency trader. The full moon is getting closer, so please allow me to entertain you for a few minutes...
We are going to take a close look at Bitcoin on multiple time frames... So perhaps you want to hit LIKE now, so that we can get started...
1 Day Time Frame:
Bitcoin is finally starting to show some strength and is now challenging EMA50.
Bitcoin (BTCUSD) hasn't traded above this resistance (EMA50) since September 2018. At that time, it only remained above it for a few days. If Bitcoin can break and close above this level, we can expect massive bullish action.
The RSI remains bullish, its highest since early November '18.
The MACD remains shy but is finally sitting on the bullish side.
As always, I am early, so this needs time to develop, but this the first follow up of a breakout by the bulls since mid-December which is good news if you are looking at Bitcoin on the positive side.
Let's continue with the longs and short.
LONGS & SHORTS:
LONGS have broken above resistance, reaching their highest point since April 2018.
SHORTS are also moving up, but they have some strong resistance to challenge from their ATH trendline (not drawn on the chart).
4 Hours Time Frame:
We are now looking at the second higher high on this time frame and above average volume compared to the past 9 days.
EMA300 (gray line) is the next resistance to break. BTCUSD is trading above it on BitFinex, but still below it on BitMEX.
The RSI remains bullish and allows for plenty of room for growth.
The MACD remained above the neutral zone and is displaying a bullish crossover.
All these are bullish signals.
Weekly Time Frame:
On this time frame, I predicted a breakout by late Saturday but it turned out that Sunday was the beginning of the move.
The week ended as a consolidation week, so we have an entire week to see how this recent bullish action will develop.
You can see my full weekly analysis here:
These are all early signal of course, since the 4H, daily and weekly candles all closed recently. We need at least a few 4H candles closing to have a better idea as to how the day will go, and several daily candles for a better idea on how the week will go.
Conditions for change: For now, the bulls are following up on the breakout that happened on the 8th February, but this can all changes if the price falls down and closes below $3533, followed by $3470 (which is our stop loss for our XBT LONG trade). If the above scenario is to playout, the above signals are invalidated and a new analysis will be needed.
My view: Bitcoin continues moving up and maintains its bullish bias throught this week and the remaining part of the month of February, with the casual retrace.
Now we remain bullish short term, and depending on how this week develops, we can change our view to bullish midterm as well.
What's your take on what Bitcoin will do next?
Please share your charts and ideas in the comments section below.
Remember to hit LIKE, perhaps now, if you would like to show your support.
Note: This is not a piece of trade advice. All of my trades are clearly marked and contain buy-in range, targets, stop loss and additional information.
Thanks a lot for your time.
This is Alan Masters... Wishing you the best always, because you deserve it... YOU DESERVE THE BEST!
Namaste.
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Thanks a lot for the amazing support.
Are trades are starting to pay off big time.
As for Bitcoin (BTCUSD):
- We have the highest volume since 8th Feb. on the daily time frame. - Volume will continue to grow today and reach higher since late December. - The RSI is at its highest since July 2018. - Plenty of room left available for growth on the MACD. - With a close above $3947 today, $4180 (EMA100) is possible within this week. - This is just getting started. - ENJOY THE PROFITS!
XBT LONG (ACTIVE):
BCHH19 (+154% ROE):
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You can find my latest Bitcoin + Altcoins Market Update here:
@adiocity, Thanks a lot for sharing. I like your wave count.
TradeIndicators
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A perfect breakout move to the upside from the ascending trendline. We were able to see this breakout with pin-point accuracy with the new Auto Trendline indicator. Thanks for all you do Alan, really appreciate you man, your call for a move up was dead on.
WOW looking at this chart..... damn! The chart you are viewing is the daily Alt Coin Market Cap chart. To start this off, we can see volume is at its highest since last May's "Alt Season". I have shown you (2) red lines.... this is the huge hidden bullish divergence we have going on here and to top it off this current daily candle has broken above the SMA100, if this daily candle can manage to close above this SMA100 I am calling Alt Season 2019! Remember... you heard it from me first!
FirstClassCrypto
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setting up for a bullish cross between the SMA 50 & SMA 100 as well
AlanSantana
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@FirstClassCrypto, There is a post on the front page about the market cap. This can be really good... Thanks a lot for sharing.
Boon2
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.