I can see from these signals that Bitcoin will continue its uptrend, and I will update this post if I can see more.
Note: For all the ALTCOINs traders, I suggest looking at the charts closely, and maybe consider closing your positions. Bitcoin is always overbought, always "crashing", but it never does.
Being overbought is just a feature that Bitcoin has, and everybody is always underestimating this coin.
Here it is again, going at it slowly, but surely, strong.
So close all your weak positions, and buy the coin that is going UP.
The charts are giving me an over bigger feeling of up, up, up, but the seller pressures is saying, no, no,no. So let's what and see where the price will go, go, go.
Short term chart:
Just guessing, because I haven't analyzed that far, but, if you look at the mini-crash, it is obvious that Bitcoin is just a huge, big, strong, BULL!
These signs are already reaching the 4h chart, but the daily chart is overloaded, it can't take anymore up. Now, for Bitcoin, this is normal. It took two days break and is ready to try again as soon as the trading day is gone (30 minutes for now). Bitcoin is basically always overbought and always going up.
So, looking at the momentum on the shorter time frame chats, we can expect for Bitcoin to make a new run at the previous ATH ($19,891). If this level is broken, depending on the momentum and what the charts says at the moment of that happening, we will see a very nice bull run.
I will keep you posted if anything changes. I will take a look at the chart later tomorrow once more.
Thanks for reading.
As I mentioned, the 1h and 2h charts had bullish signals, but the 4h chart wasn't there yet, and long term Bitcoin (daily) was overloaded, overbought, and it seems that the weight was too much, so it fall.
Now, we are sitting close to the main resistance line I drew, and the second one wasn't touched. But it is still there waiting to be tested by all the bears. Where do we go from here?
According to the chart that you will see below, Bitcoin is set to test the $17,000 level soon, or remain locked in the $18,000 level. Anyways, it can enter this new range of $17,000 - $18,000 and remain there until consolidation has taken place and a new trend is set up.
Look at the chart and you will understand:
Hope that helps.
On the longer term, daily chart, still hasn't confirm a change of trend, still down. Confirmation can be achieved, from the charts in maybe 4-8 depending on the movements of the coin.
1D chart trending downward strong:
1H chart as well.
I will give it 1-2 days to see stronger signs on the charts, after that I will revisit and see where things stand. But this is positive news for Bitcoin bulls and all those wanting to see the KING back in its glory.
In the meantime, instead of focusing on "when" Bitcoin price will reverse, let's see where we stand now.
Let's look at the 1D chart:
- We have 5 red candles and the beginning of a new negative candle count. Which is a bearish signal.
- The EMA30 support level was touched ($14,133), we haven't closed below it, but it was broken and we reached the $13,300 lows, from which a strong bounce happened. This is incredibly bad if we close below this price. But this is not over, many bearish signals are still being given by the chart.
- MACD just crossed over to the negative side. Very bearish.
- RSI & STOCH are both trending downwards.
- At this point, all the early signs of a reversal are gone and we only have bearish signals. Based on that, the BTC price will continue its decline until it can finally establish support. Once support has been established, we can talk about the next step.
The RSI showed oversold, and Bitcoin tends to bounce back once it hits the oversold line on the RSI.
Note: We didn't reach oversold on the 1D chart though. So not as a strong a signal as one would like but still a very strong signal.
Look at the chart, you can see all the indicators reversing, and the candle where the bottom was reached, around $10,000 usd per btc, has a large stick pointing upwards, meaning, the sellers sent it down but buyers bought it all back right away...
This is a 4h chart:
Let's keep this up Bitcoin, the market is looking a lot better now.
This can be positive for Bitcoin, as it can be bad, who knows these days.
I do know that you are going to get a new free altcoin, B2X or (Segwit2x), don't know how it will be called.
So, what I did is that I secured some BTC just in case from my coins that are in profit. You can sell 10-20% of all your trades in profit and leave it there just in case.
This will do three things:
1) Secure your profits if BTC takes off.
2) When BTC do take off, you will be earning on the way up.
3) Give you funds available to buy new alts at the bottom.
The obvious, Bitcoin didn't make it through the $16000 resistance levels, so we are back at square one.
Bitcoin seems to be holding nicely in the $13700 - $14300 range, but the daily chart shows that it is going down.
The weekly chart shows a strong bounce and points to this level holding. I can get more information from candlestick analysis, after this week closes on Sunday.
Other than that, all I can see now is Bitcoin testing and resting support until it is confirmed that it can't go lower, or if support is broken, that it will go down and test the older ones ($10,700 being the lowest from 22nd December).
This is the Bitcoin trading channel, small and big, resistance and support:
It also tells you the possible sideways movement, which is within the channels. Right now we are likely to trade within the small orange channel, and the blue one is the bigger trend and resistance/support that needs to be broken to decide... WHERE TO NEXT, BITCOIN?
Here is how Bitcoins drop looks on my chart, still within the small channel:
The orange channel was broken, downwards, but the blue is still a bit far away. This support is sitting around $10,700.
A nice push up got us back into the orange channel...
Here is my BTC Channel, as long as we are in this channel, our trades are safe. If BTC goes wild in any direction, than the market moves in several ways.
But BTC most likley needs more to consolidate.
We don't mind waiting, altcoins is what we trade. When BTC goes back up, our profits will also gain. Win-win for waiting on altcoins, and waiting for Bitcoin to become KING again.
I would expect at least some action in the higher channel if this level is broken as described above. This is a short term analysis, so from there, we would look at Bitcoins next move. Where to next Bitcoin?
Yet the daily and weekly chart are not as bullish as one would need for massive growth. So this might continue as steady low growth and maybe more sideways on the bigger channel.
These are just potentials, anything can happen as the market is boss but, with this information you can have a calmed mind as you know what to expect depending on how the price moves.
We've been in this channel for 3 weeks. Nothing is really happening, just going up and down. This is ok, this is good. I still believe that this will take a while longer, so give it time, all is good.
Here is what can happen:
- If Bitcoin breaks support it goes down.
- If it remains within the channel, what is happening now, we go sideways.
- If it breaks resistance we go up.
Looking at the chart you can also see "higher lows", this is a good signal for staying within the channel, accumulation/consolidation, for when the time for the bears and bulls fight to come.
Here is the chart for your entertainment:
It also hasn't close below the support line. The day needs to be over and the price close below this green channel for the trend to change. We are still on an uptrend but this can change really fast. You can see it from the chart.
The indicators are giving many bearish signals, but that's good. Corrections are good in my opinion, they stabilize the markets, remove all the weak hands, and prepares us for the next big bull run. I am all in. I want to see Bitcoin heading to $50,000 and more, and for that we need to correct any and all "unhealthy" growth and finally move on.
Note: By the way, I believe that this year the transaction fee/spam issue will be solved. The spammer will be kicked out by an upgrade on the Bitcoin software, removing the transaction fee problem. This is just a prediction and not an analysis.
Other than that we continue sideways, with the indicators now starting to show signs of a possible reversal.
The weekly chart still points to more negative action, but then the week isn't over yet.
Let's see how the following days go.
Here is the daily chart with two different channels, the bigger old one and a new one (orange).
I marked several different dates with vertical magenta lines for reference.
This is interesting to watch for learning and entertainment: 1Day Chat:
1st line = 13th Jan.
2nd line = 18th Jan.
Only when one of these lines, support / resistance, is broken, we can expect something to happen, for now, we keep on going straight:
Bitcoin is not going to "zero" yet, this is a huge correction but definitely something normal.
If we break this level, in the 10,700$ range, we will be testing new lows. You can just wait it out or look at it for your learning and entertainment. But corrections are normal, this is no big deal.
Look out for the RSI Oversold signal on the 1D chart. To me, this will mark the end of Bitcoins correction, we are likely to see a bounce once this happen, we still have some way to go.
Here is the daily chart:
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The TA guys are leaning towards deeper push to $8k while some are saying that won't happen as we have reached the bottom already and will see a V soon. I personally am just sitting on my hands waiting to pull the trigger (for the 3rd time today) with some morphine on the side to numb all this pain.