Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I am looking at Bitcoin (XBTUSD) on the 4H time frame and consolidation continues to happen with Bitcoins bullish potential remaining intact.
We are seeing solid sideways action while almost all smaller market cap. altcoins are moving up strong.
Let's take a quick look at XBTUSD on the 4H time frame, feel free to hit like now if you want to so we can get started...:
Bitcoin has been printing higher lows since the 27th of February.
We can see a bounce each time EMA200 (bold orange line) is tested.
Our trendline from the 7th February worked as support on the last drop, XBTUSD didn't reach EMA200 and bounce before that, a small but valid bullish signal.
Both the MACD and RSI are showing a strong curve up which can open the door to additional bullish action.
Conditions for change: A break and close below EMA200 would invalidate most of these signals and a new analysis is needed. This is all based on the 4H time frame.
Altcoins Market Update
Needless to say, the altcoins are all producing massive numbers, we've been tracking the altcoins months -facing strong resistance from many Trading View readers yet we remained bullish and strong-, and shared many, many trades that are now generating 100-200% profits on a weekly basis.
This action is indicative of the market bottom already being established and I believe this can be just the beginning of something much, much bigger.
When I think back in time before the last cryptocurrency market bull-run, you would always see similar action to what we are seeing today.
Bitcoin goes little bullish and the altcoins explode. After the huge altcoins explosion for several long weeks, then the retrace comes and Bitcoin shoots up.
The same scenario doesn't necessarily need to play out, but there is a big chance that we will be seeing additional bullish action from the altcoins. You can check many trades and analysis shared in the "related ideas" below... Make sure to hit like.
Bitcoin Weekly Update
I will be sharing the weekly update in the comments below.
@milanjelic, "It doesn't fit into mathematical equation. (What mathematical equations? This reads like you're in unknowledgeable moron who wants to pretend like he knows what he's talking about.)
Neither per technicals, nor per other parameters. " (Again what technicals, what parameters)
Is a vague and useless statement.
I forsaw BTC drop from ATH 4 days before manifest (130 billion drop) and many many other TA's.
If yours would be worth of watching (or came to be sometimes), someone would already upvote them.
From Serbia with love <3
DerosneC
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@milanjelic,
People with far more reputation then you claimed 6k was the bottom, reputation has zero value or relevance.
That's cute that you went and spent the time to look at my profile though, thank you!
@milanjelic