If you look at the chart, you can see that Bitcoin had a small correction, it only lasted for a day... This is normal, as we move up, or down, there will always be corrections, retrace, rebound, retest, etc.
The price of Bitcoin , or any other cryptocurrency, will always fluctuate, there are ups and down, always, what we really need is to focus on the trend. Are we in an uptrend or a downtrend?
Bitcoin broke the downtrend that started in December on the 20th April, we are now in bull mode and things are looking good.
Here is a signal that I was waiting for on the daily chart:
- Notice how the SMA20 (Green) line crossed the SMA50 (Blue) line. This is a signal and took quite a while to materialize after Bitcoin started to recover.
- We first hit bottom at $6,000, on early February. This month the bottom was $6,425.
- is above 60.
- , , OBV, DMI and are all in the zone on this time frame.
- What we need now is for the Bitcoin price to cross the SMA200 (Brown) line, in order to set up a very strong support if Bitcoin wants to keep on moving up.
Please, let me keep you updated about Bitcoin! :D
Now, what happens if Bitcoin crashes?
The more that Bitcoin goes up, the greater the fear from a few about Bitcoin crashing.
Can Bitcoin crash, yes. Do we care? Yes and no.
Ok, buy why, how does that work?
If Bitcoin gets dumped, now that Mt.Gox BTCs are moving, nothing really happens. If it goes down we see it go down, we wait, we analyze, we keep on trading and finally move up.
Just as nothing can go up forever in a straight line, in these markets, the same happens the other way around. Nothing can go down forever... well maybe yes, but that's not the point, if Bitcoin goes down, just like it did the first four months of this year, it will reach a point where we will start to buy and move up again.
If Bitcoin were to go down now, we simply wait and we adapt our next move based on that. We simply adapt . For now, the Altcoins market is booming and Bitcoin as well. So we enjoy this moment and profit as much as you can...
Getting back to Bitcoin ...
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4 Hours per candle:
1 Day per candle:
1 Week per candle (we really need a strong close this week if Bitcoin wants to continue its rally):
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Bitcoin 12 hours chart:
Let me make a prediction, if I may.
- Bitcoin will continue going up for a while now. Yes, there will be corrections, the price will retrace, but this will only last a few days at max. We settle, go sideways and then another shot up.
- If we see a strong crash, based on manipulation and other markets factor, I believe that this would only last a short period of time. A week or two maximum, or even just a few days.
Now, these are just predictions, these have nothing to do with trading or chart analysis.
We look at the charts and based on the signals given out, we can translate what these charts and signals are saying.
So we can see Bitcoin trending up for example, but this is only until we hit our next resistance. Once we hit a resistance level, the action stops and we analyze again.
If the resistance is broken, we keep on moving up and test the next resistance. If it isn't broken, we go back down and test the earliest support. If that support holds, we look at the signals again and translate. If it breaks, we know we continue down and test the next support.
So it is more about where we are going next and based on what... Rather than guessing / knowing / predicting what will happen... It is all about the trend.
It is about seeing / reading the charts and understanding them, to profit from them, rather than being "right".
That's my view of course...
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Take a look at this candle (Bitcoin when up and down at the same time in a matter of minutes):
The bulls and the bears are fighting but for now the bulls are still in control.
Here is the daily chart:
Here is the daily chart:
We have the EMA50, 200 as long as many Fib. extension levels and much more. I believe it is good to wait and see how it develops.
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