This resistance point is sitting around $11,470, on BitFinex, and Bitcoin reached $11,660 today but the price quickly retraced.
At this moment, based on the time frame, we are trading near the 50 price line (pale blue), which is at $11,350. Trading above this price level today can turn it into a support, where we can finally move above the "strong resistance" and establish a new uptrend.
On a different note, I am having this strange feeling about the market. Bitcoin is going up, slowly, steadily, but this does not correlate with the general sentiment I am getting, and seeing, coming from people all around. Are the bots in control?
Who cares, we need to break resistance and remain above it. And this is exactly how things are looking so far. Bitcoin is looking very , everyday more.
- We still have plenty of room for growth on the and , and if we continue on the trend we are in now, we are definitely going to close above the strong resistance line. This would negate the primary resistance and the descending trading channel we have trading within since Mid. December. We can establish a new strong uptrend.
- EMA7 (purple) crossed recently the EMA21 (blue) price line, this is a signal. And the price action keeps on going up regardless of how many analysts predict that Bitcoin is going down even now that the trend is clearly up. Remember that these markets are really unpredictable, we can read signals but the market decides what is really going on.
- We are also trading above the EMA50 price level (not shown), which soon will be crossed by EMA7 & 21 if this uptrend continues. This will both serve as a strong positive signal and if the price were to start crashing down. If we close above the strong resistance line, Bitcoin will be signaling huge strength, and we can prepare for another run up straight to the $13,000+ levels.
- We also had a positive candle yesterday, which is a good signal to remain on the trend in which we are now.
- We are trading on a tight (green). My general feeling is that Bitcoin needed to correct once more, that there wasn't enough momentum and that it could crash down anytime, which still can be true, but the facts are different. Bitcoin is going up, keeps on going up and now it looks like it is going to continue going up.
So based on the chart above, and the signals just mentioned, Bitcoin will continue its climb, challenge the strong resistance and close above. If this is the case, you can open new positions so that we can go and challenge the next resistance point.
Thanks for reading this analysis, you know for sure that I always appreciate your support.
Feel free to like, share and follow, there is more to come.
P.S. Once Bitcoin has established its new uptrend and the market sentiments moves to stable / up, we can start trading Altcoins low risk, useful for beginners, once more. Please allow time for this mood change to become fully apparent.
- Magenta line represents the target price that we want to close above.
- SMA50 (pale blue) crossing SMA200 (brown)
- Trading above strong resistance line (red dotted line).
- Ascending channel (green).
- SMA20, 50 and 200 (Pale blue, light green and brown respectively).
- Blue line top ($19,891) on 17- December - 2017.
- Black line bottom ($6,000) on 06 - February - 2018.
- No indicators
We closed above resistance on the 4 hours chart. This is good news... Bitcoin, keep up the good work.
Here is the 4 hours chart:
There is some time left though, we will see how it goes. :)
So this will only take longer, no problem for us.
P.S. It does feel like the price is being clearly manipulated. :)
Here is a quick chart, you can see how far away the bottom of the channel is and some prices. You can also see where the strong resistance is now and the upper channel resistance prices, just for reference, learning and entertainment. Thanks for all your likes, follows, comments and support.
Here is the 4 hours chart:
Here is the chart:
- SMA20, which is the green line and a price level around $9,200.
- EMA200, which is the magenta line and a price level around $8,900.
- SMA200, which is the brown line and a price level around $8,400.
We can even come up with a range base on these indicators. Next strong support on the daily chart for Bitcoin can be found around the $8,400 and $9,200 price levels. If that support is broken, we look for the next one. If the price bounces strong, we look for the signals, indicators, chart patterns and candles to know how far up we can try again.
Everything can happen, the charts give you an idea as to what you can expect next.
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Check how much your altcoin deflated during this fluctuation.
Price of Bitcoin is 11,700 now.
If Ethereum would be (0.12 Btc, he would cost 1404$, but costs 932$)
Ethereum was 0.12Btc, now is 0.08 Btc, 50% deflated.
Stratis 0.00082 sats instead of 0.000142 (previous).
Not only altcoins deflated over dolar, they also deflated compating to Bitcoin, because money is invested in Bitcoin only in order to spoof walls, make sudden dips, activate s/l in order to buy cheap and many things.
Btc dominance during ATH was 67%.
Under normal circumstancies it was 53-56%.
Before rebounce it was 32-33%.
Now it's 39% and keep increasing (because money is injected in Bitcoin only).
That leads you to make decission about to sell your altcoins.
But since altcoin make another 61% of marketcap and Bitcoin (guys holding large amounts) are trying to regain their marketshare, because fall is inevitable and they wanna profit more, so they will keep investing in Bitcoin, (which will also decreace your altcoins and it will continue to decrease them).,
Check previous values of altcoins comparing to Bitcoin and value now comparing to Bitcoin, comparing to your portfolio in $$$.
How much is worth?
Bitcoin CAN NOT RECLAIM MARKET SHARE IN THIS CYCLE, it just seems like bullish.
People doing this do would badly wanted to buy your altcoins very cheap and persuade you in any manner in order to sell them.
When Bitcoin is calm (it will be sooner or later,) this manupulation has to an end.
When that happends, your altcoins will THUNDER BIG TIME.