BITCOIN & ALTS: SUPPORT HOLDING FOR NOW, WHAT COMES NEXT ?
Let's keep it simple.
- Summary & trading plan:
- Bitcoin daily close occurred above monthly open, and we look like to find support here. We can expect some reaction from the current lvl .
- Mainly monitoring ALTSBTC setup because it has some potential to give a nice bounce and outperform bitcoin . We can already see some strength across some coins, e.g. ETCBTC went absolutely nuts today.
- For live updates on btc & alts, and for free trades, follow us on twitter .
a/ Market structure: still intact structure, but indecisive at the moment. We didnot close under the monthly open and didnot break the support so the short swing idea didnot trigger. The daily candle will probably close as a but still some hours to go. A is confirmed only the following day.
b/ RSI: On support line.
c/ : Under crossover, and crossed down the centerline, under territory. Not curling up at the moment.
- 4 hour:
a/ Market structure: The impulsive move hit support and found some buyers. still lacking for a strong reversal, and at the moment, we are struggling to breakout. Nothing much to say. We need to see a breakout of 10.200 with decent to confirm some structure.
b/ RSI: Momentum found some support here, and we can see some divergences.
c/ : crossover can happen after this candle close.
Eyes on ALTBTC because BTC .D chart hit resistance and if bitcoin goes for a sideway/small bounce only, ALTBTC can definitely be a better play. Please, find in comments some bitcoin dominance charts showing that a retracement can happen, giving some room for alts to manifest a good boucne.
Simple update from yesterday analysis that is once again playing nicely.
The daily indeed closed as a hammer and created a bullish reaction.
We have already banked partial profits at 10440. We will be very cautious when price will reach the 10.800$ zone. Max target would be 11.600. At this lvl, we will reassess.
Buyers stepped in but volume needs to confirm this move soon too.
ALTBTC are currently getting hit a bit. We will share here a complete idea when it will be time for some strong upside.
Enjoy your day and your weekend.
I am happy to confirm you that the target has been reached and the trade is closed.
Be aware that we have pumped straight to our 10800 target (price reached 10.805 dollars) right on the weekly open. Monday price action is often considered as the "accumulation day" of the week, so the direction of the weekly candle is more often set on Tuesday.
Stay tune for new trading ideas, and be aware that we are still monitoring the higher timeframes, and that they can either give us a sideway and boring market, or a breakdown to level like 8750 usd as mentioned in our previous idea. I don't see much the start of a new uptrend right now but my mind is always open to every possibilities.