Since reaching our Bottom on the 6th February, at $5,920 on the chart, Bitcoin has been going up strong.
I was expecting for Bitcoin to retest this bottom almost right away, I noticed many other Bitcoin analyst were getting the same signals from the charts but yet, this didn't materialize, we are going up strong again.
These can tell us several things, and it can be "good" or "bad" to you depending on how you look at it.
Either the analyst are mostly bad and don't know how to read chart signals, can be trusted, or the signals were there yet the market decides whatever it wants, as it normally works.
We look at the chart, we put up our tools and read what it all have to say. Translate it to English so that you can also understand.
Now, here is how it works. You can have many different signals at all times, depending on what you are looking at. So you can have 3 signals and 2 signals on any specific time frame, so you expect for the price to go up, based on these signals, and this is shared with the public. But it turns out that the signals become stronger and develop into a decrease in price, or even worst, a piece of crazy news comes out, with its intended manipulation purpose and helps push the price down, even against the charts and signals that were looked at before the event.
So we always remain open to saying, "anything can happen, at anytime, anyways".
*** Bitcoin is now going up. This is a short term analysis. ***
From the 2 hours chart above, you can gain lots of information and even use it to learn how to read charts and trade, let's take a quick look, let's see what we can learn:
- Look at the brown, blue and light green lines, these are ( ) lines. When the price is going up, normally you see these lines below the candles, but when the price is going down, this line starts to follow the price down from above.
The brown line is the 200 , blue 50 and green 20 . Notice how the green and blue lines, after going down hard are now curving and crossing the 200 line. These "lines" are now following the price from below, following up, showing us that Bitcoin is now trading above these averages. Which is a very good signal. This can also be done with the .
- The is on the zone, as well as the and . They are all trending upwards and you can easily see an uptrend and higher lows all the time. sentiment is building up.
- We need a good close today and good momentum on this time frame, 2h, for this race to become stronger as it is missing a bit a heat.
The is also looking really good:
- The is curving upwards and shows plenty of room for growth.
- All the indicators are turning and we are now trading above the 200 line. This very important support was broken, but Bitcoin climbed back and it is now moving up.
We need this trend to continue, as regardless of what happened / happens with our own personal positions or trades, we want a strong market, one where we can earn.
Thank you for reading again.
It is my pleasure to write for you...
P.S. This is not a trade advice, this is an educational post.
Here is the 2h chart:
The daily chart is looking better by the hour, take a look for yourself:
Here is the 2hours chart, you can see our beautiful and updated uptrend channel:
The bottom line of the channel is the support level, if this level is broken we can expect to go down again.
What are your thoughts on this? Sounds very irresponsible coming from someone like Vitalik IMO.
Master, i really look forward to your thoughts on this as i have been following you for a while now and with all due respect, i Trust your judgement. Though i am not a premium member of yours, but still i have for the first time managed to make some Money (in any type of trading) by following you.
Thank you from my Heart !!!
Still valid or need to be revised ?