You can see this downtrend line as a red dotted line on the chart below:
- This is a very strong signal. Now, we've broken this resistance before but then went back below it right away. This is the first time that the close is so strong on the . We are also looking to close above this on the weekly chart, which would give out a very strong signal.
- I've been waiting for this signal for quite a while now.
- The is now above 60, which is something that hasn't been seem in a while.
Let's take a closer look at the daily chart:
And finally another look from the 4 hours time frame:
Here we are looking exclusively at this downtrend line that has been now broken.
I will wait for "trading week" to close and see how the weekly chart looks. This is the candle that I will be waiting for. Last weeks candle was very positive and we have the possibility of a strong this week as well, it all depends on how Saturday and Sunday will do for Bitcoin , but so far we are looking good and better everyday.
Here is the weekly chart:
What Happens If Bitcoin Starts To Go Down In Relation To The Altcoins Market?
I trade mainly Altcoins against Bitcoin and the alts are highly affected when Bitcoin moves. So what will happen if Bitcoin crashes again before starting its new bull run?
If Bitcoin crashes and tests earlier lows, then you don't have to worry anything, you can always remain relaxed and calmed. We are aiming for the Altcoins market bull run. This is already starting and will happen regardless of what Bitcoin does.
Bitcoin testing its lows again can happen, maybe in the $7,400, $6,500, $6,000 or even lower. Everything is always possible at all times.
Now, the Altcoins market is already moving.
The Altcoins market is already gearing up for its next bull run.
We are now seeing Bitcoin going sideways, and the Altcoins market going up.
If Bitcoin goes up hard, at this point in time, the Altcoins market will first slightly retrace and then stop its decline. It will stop and wait for Bitcoin to settle, as soon as Bitcoin settles and consolidates for a few days, the Alts will keep on going up, regardless of what happens, they will go up in the May/June/Early July Altcoins Market Bull Run.
So if Bitcoin goes down hard you can just wait for a few days for the price to go back up. Re-buy and reload the alts that enter our "buy-in" range and get ready to make huge profits, exercising patience, by selling on target when the time comes.
Bitcoin is already exceeding expectations as usual. Just on a normal day, it can do anything and everything that nobody is expecting or can expect.
Just kidding... Let's enjoy while we ride this wave...
In the meantime, we are still going UP!
Here is the daily chart:
This is how it looks without the log scale on:
See how flat the candles look:
Let's enjoy the ride, and secure profits, for as long as we can...
Great Job Bitcoin!
Our next resistance is at the SMA200 (brown) line.
Here is the daily chart:
What's your opinion:
1- Will Bitcoin continue to go up? And if yes, how high will it go?
2- Will Bitcoin go down? If yes, how far down?
Please share your opinion in the comment section.
Thanks for reading this trade idea and for the likes, follow, comments and share.
I will be posting a new trade idea about Bitcoin for the next update.
And remember... YOU DESERVE THE BEST!!!
Thanks to you for your support.