Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
Bitcoin (XBTUSD) is now aiming to challenge late June's high which is sitting at ~$13,900.
When I saw yesterday's candle, I looked back at the 24 of June and said, "If Bitcoin closes above $10,900, it will go to $12,000 tomorrow...", I am saying this because I believe we will have another full green candle tomorrow based on how the late June's candles closed.
The RSI is really bullish right now at 63.93 and the MACD is showing plenty of room left available for growth.
Volume continues moving higher, at least one big volume bar is still missing to complete run... If it goes longer, more should show up.
Everything is looking bullish right now, so expect for Bitcoin to move higher and challenge at least the high that it touched.
Moving down, support can be found at $10,600, or even $11,300 is a great support.
Where do you think that Bitcoin is headed next?
Use the comments section below...
Comment
⋅
A NEW SPIRIT
It moves and thinks faster.
Behaves differently...
It comes with new abilities.
It has completely new ways to think.
Things are just done.
It is a completely new Spirit...
And it shines brighter...
Namaste.
Comment
⋅
Previous analysis:
Bitcoin Bounces As Predicted, Back To Basics + Next Target (???)
S&P 500 Index Drops For The First After New ATH (UK)
Dow Jones Industrial Average Index Goes Bearish
Comment
⋅
This is a hard call yet here we are... Let's see how it plays out.
Comment
⋅
Bitcoin (XBTUSD) continues moving up as expected... We believe it can jump higher when US markets open later in the day:
4H:
12H (Potential for more):
1D:
Comment
⋅
LONGs vs SHORT:
- LONGs can grow by an additional 37% in order to hit their Feb. '19 peak. - LONGs need to grow by as much as 50% to reach their ATH. So plenty of room left available for growth there based on past history. - SHORTs hit a new all-time low recently on the 17th July and bounced. They can drop an additional 46% in order to challenge this same low again (double bottom).
These signals are telling us that the current trend can easily continue based on the BitFinex SHORTs vs LONGs profile.
Hi Alan, thanks for the nice analysis. What do you think about the mass of longs at Bitmex or Bitfinex? I'm not an expert but as far as I understand, if most people believe to increasing prices it is cheaper for the market maker to go down to liquidate longs with high leverage. And this could lead to a kind of a flash crash in the short-term, could it? As I mentioned, I'm not an expert and maybe I misunderstood something completely. And of course such a "crash" could also stop at major support levels as you stated (e.g. 11200-11300). I'm just curious what you think.
We can also look at it as a signal that many people are interested in buying Bitcoin and also believe that Bitcoin will move up in the near future, and so they buy long positions.
VickzinBK
⋅
Nice explanation of current bull momentum. I also believe it has a good chance right now to tackle 13k one more time. However, I also notice a head and shoulders pattern forming. Check out my graph below for more detail. Both top and bottom support lines have bin holding from previous recent dips above and below support. Let me know what you think on my latest update.
PurpleCrypto
⋅
Excellent predictions. BTC is not going south anytime soon.
AlanSantana
⋅
@lightpurple, Thanks for taking the time to comment and sharing.
Namaste.
TradingSafely
⋅
Awesomeness!
I am taking profit Now! Hope you do as well!
AlanSantana
⋅
@BossIndicators, Thanks for sharing...
TradingSafely
⋅
@alanmasters, Anytime! Thanks for being you!
AlanSantana
⋅
@BossIndicators, We are moving higher now.
TradingSafely
⋅
@alanmasters, Amazing! I am great full I only took profits on 25% of my position.