It just came recently to my attention the fact that Bitcoin has been trading above $20,000 for 50 days, a major achievement after what we experienced last year.
Notice the price action as prices bounced from the June 2022 low.
Bitcoin moves up to peak in August and then a drop quickly follows.
Notice that back in August the resistance that was being challenged was EMA50 with partially a strong RSI.
Bitcoin only lasts a few days above this level and then down to new lows.
In 2023, the action is quite different.
EMA50 was conquered the 9-Jan. and Bitcoin never looked back, this level is now working as support rather than resistance.
After the initial breakout and new high hit 14-Jan. we continued to see higher and higher, Bitcoin slowly rising with resistance being challenged.
As the resistance level becomes too strong, a retrace is needed to gain some strength and then again the same resistance level will be challenged until it breaks.
Notice that the RSI went bearish, the MACD went bearish but Bitcoin still remains above 20K.
Then we have the Altcoins.
This is the Cryptocurrency market and not just the Bitcoin market.
We have Bitcoin and the Altcoins.
When Bitcoin peaked in August 2022 the Altcoins went through a massive crash. Crash, red, blood everywhere financially speaking.
Since January, when Bitcoin peaks the Altcoins take it as an opportunity to grow. Each time Bitcoin stops many pairs move up.
Completely different the type of action we are seeing now compared to back then.
Back then we were having lower lows but now it is different, the action reflects like higher lows will be taking place.
This only will be confirmed once the next resistance breaks but so far we have higher highs... The Altcoins going bullish while Bitcoin consolidates is one of the strongest signals we can get.
The trading volume is going lower each day... Where will the market go?
There will be a big move soon, this happens when volume starts to drop, it can go either way.
Something I can tell you for sure.
We are going up... If it drops, this is something that is short-term. Any drops are more likely than not to end up in a higher low before the next bullish wave.
Bitcoin is bullish, the Altcoins as well and this leads to next part of this post.
NAME YOUR ALTCOIN PART 7
We will do another batch of 10 Altcoins, from 60-70. We are aiming to do a total of 100 Altcoins of your choice.
We are getting there... THANK A LOT FOR YOUR SUPPORT!
The instructions are simple:
1) Boost! 🚀 (Your support is appreciated) 2) Name your favorite Altcoin pair in the comments section below!
I will choose ten at random and publish a trade idea for each.
excellent chart and detailed overview for bitcoin traders. supplementary to above. nice setup in xrpusd.
toilatan2
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FTM and HFT, thanks
AlanSantana
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@toilatan2, FTMUSDT, this is what we are looking at:
- It can start growing tomorrow just as it can take several weeks... But the bias is upward.
chaoren0999
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FORTH
AlanSantana
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@chaoren0999, Here is the chart, FORTHUSDT weekly:
- Notice the high volume in July and then very low volume. - Notice how the volume is even lower when the red candles show up. This tells us that the bulls have the upper hand.
@TeraAigle, After a strong breakout, corrections and retraces are normal.
Paribus grew by 430% on the initial wave and now it is undergoing a correction: That's the normal part.
We can expect a resumption of the initial move once this correction is over.
The breakout is wave 1, correction wave 2, the next jump wave 3. Then you get another correction, wave 4 and one final jump wave 5 and a "bear market" should follow which is a stronger correction in proportion with the full 5 wave up count.
Namaste.
LaPiovra
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Could you please cover NEO/BTC and VET/BTC, many thx!
- It first broke a major downtrend and then a consolidation pattern. - Notice on the right side of the chart how the buy volume is really high compared to sell volume.
We can say the initial breakout took place before additional growth.
LaPiovra
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@AlanSantana, Thanks for your efforts sharing your view on NEO, mutch appreciated!
supplementary to above. nice setup in xrpusd.