alanmasters

My Daily Bitcoin Chart - $50,000 BTC??? (For your entertainment)

BITFINEX:BTCUSD   比特幣 / 美元
I want to share different today. I want to share my daily Bitcoin chart with you, simply for your own entertainment and maybe some learning...
It is up to you what you do.

I am really hoping that you can enjoy it. Let's see what I have ready for you.

In this chart you can see some important support and resistance levels, in the short and longer term.

Also a possible sideways channel, which I want Bitcoin to trade in, this would be good for the long term value of this coin, and this will help materialize our dream of getting to 50k Bitcoin at some point (end of the year). Or this this too optimistic? Well, $5,000 per Bitcoin at the end of 2017 was really optimistic as well, and we ended up with $20,000 and now people cry when the price goes down to $8,000 for one day.

You see how this works? BITCOIN IS GREAT!

Ok, back to the chart:

- Support levels, according to my tools and daily chart on BitFinex:
(1) $8,200 - $8,400
(2) $7,200
(3) $6,000

- Resistance levels, according to... Me, Alan Masters:
(1) $9,250 - $9,600
(2) $10,420
(3) $11,800
(4) $14,600
(5) $16,950
(6) $20,000

Is that it? Yes, that's it. But let me share something first, before I move on to do some money making work.

### MESSAGE: What is money?

Sometimes we get really confused about money and how to achieve it and receive it.
Sometimes we have many opportunities, but somehow we tend to miss it.

Imagine visiting Trading View and having access to several different trades.
You browse through the pages, you are looking for something that can make you earn.

You make a list of 5 different coins/trades, that you would like to join.
You base this on your own understanding, the analyst and the name of the coin.

Ok, you've made your decision, this is the one where I will put the most.
All the trades that were ignored start to make money, but the one I chose, somehow, starts to go wrong.

What the heck is money and why do I have to choose the "wrong" trade?
This is the question that will come to your mind, when you figure out that you always go the wrong way.

Money is energy, and that is the first thing to understand.
So if you want to increase your holdings of money, you have to start by working on yourself.

NAMASTE.
評論: This is how I wanted the chart to come up... without the indicators:


(Red line marks the start of new energies...)
評論: Bitcoin strong bounce on the 4 hours chart:
評論: Looking at the "Bollinger bands", they hint at us staying within our "possible trading channel".

I don't mean to say/predict what Bitcoin will do when I drew this "possible trading channel", but instead that it is possible that Bitcoin will trade within it and that it is beneficial for us traders looking for Bitcoin to reach new highs by year end.

Here is the daily chart:
- Right now we are testing several different support levels. If these levels hold, we consolidate and try to move up and challenge the next resistance. If these levels do not hold, we go down and test the next one.

- If the $8,200 - $8,400 support level is tested and does not hold, then we go further down to test the next support level. So far, it seems that these levels will hold for at least several days before stronger signals tells us if we will either go up or down.

- To go down lower, we need to break the 200SMA line on the daily chart, the orange dotted line, the Fib retrace level support. So we have to break three different strong support points, according to my tools, in order to move down to the next one.

- To move up, we need to first break the $9,250 - $9,600 range and close above it on the daily and then challenge the 50SMA line and other resistance point.

With so much pressure coming either ways, I believe we need some sideways action before we can clearly decide what comes next.

We can guess, with a 33% accuracy rate, or we can look at the chart and decide based on what we have in front of our face.

If you want to trade Bitcoin, buy when we hit support, sell when we hit resistance. Pretty simple... To me!

Thanks again for reading and commenting.
Thanks again for the likes, follows, share and support.

You know that we love each other.
Because love is what makes us strong.

Enjoy your night and day...

Namaste.
評論: We are only a few weeks away until we see Bitcoin "back on track". So just watch, sit back and relax, as we will have plenty of fun, when the bull market is back.

But we have to finish the month first, a period of "preparation", so that we can start to move up strong and then finally completely change this situation.

In the meantime we are bearish, until we close above the strong resistance that have been putting pressure.

This is easy, we just have to wait until the end of the correction.

According to the long term view of Bitcoin on the daily chart using the "Log scale", we never broke the downtrend from December, here is the "proof" once again (big strong bold red line)...


Let me know when this one is broken...
評論: Resistance and support levels updated to add the ~$13,520 resistance level.
These levels can be used long term.

- Support levels, according to my tools and daily chart on BitFinex:
(1) $8,200 - $8,400
(2) $7,200
(3) $6,000

- Resistance levels, according to... Me, Alan Masters:
(1) $9,250 - $9,600
(2) $10,420
(3) $11,800
(*) $13,520
(4) $14,600
(5) $16,950
(6) $20,000
評論: The monthly chart:
Adding another support level to the long term support and resistance levels list:

- Support levels:
(1) $8,200 - $8,400
(2) $7,200
(3) $6,000
(*) $4,200

- Resistance levels:
(1) $9,250 - $9,600
(2) $10,420
(3) $11,800
(4) $13,520
(5) $14,600
(6) $16,950
(7) $20,000
評論: The "Bollinger Bands" were right, we bounced right off the bottom of them to remain within these...

Here is the daily chart with the bands:
The 4 hours chart is also looking pretty good. Nice bounce. Good volume. If this continues we will have a nice close this week which is great in my opinion, as this can support sideways movement and consolidation which is better than going down.

Here is the chart:
評論: Bitcoin is looking good today.

Here is the updated daily chart:
- I am using the "Log scale" view because it explains why we are still having so much pressure even after breaking the December down trendline. This trendline is broken when looking at the "Linear scale" view (orange dotted) but not when using the "Log scale" view tool.

- If the down pressure was being put on Bitcoin by this trend line, then you would assume that the price would fly, up, once it was broken. So looking at this perspective actually gives us some answers as to why we are still hovering around these price levels and what needs to happen to enter the next price range.

* You can save this trade idea for visiting later. Here you have long term support and resistance levels, as well as my "possible trading channel". Which is the light blue sideways channel that I drew on the main chart above.

For any additional updates on Bitcoin, I will be posting a new trade idea.

I really want to thank you once more for taking the time to come here and read my thoughts. Share yours with me and assist me by liking, following and sharing.

Your continued support is highly appreciated. I love you for that, and I will always be grateful.

Thanks again for reading...

And remember... YOU DESERVE THE BEST!

Namaste.
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評論

Thank you all for your continued support.

I will keep on following Bitcoin and post a new trade idea when trading day/week closes later on today.
+8 回覆
"So if you want to increase your holdings of money, you have to start by working on yourself." More important than all the charts. Thanks, I like your posts!
+7 回覆
alanmasters knowlton23
@knowlton23, Thanks for the feedback. Appreciate your comment.
+1 回覆
We can't drop that hard, strong supports will hold bitcoin I am bullish.
829$ is very strong and if that doesn't hold 100$
+6 回覆
I don't really see a support at 7,200 level. 7750 to 7900 range seems like the most solid support IMO. The correction is welcome. I'd rather we go back down to 4K and make the journey up again than to deal with the current uncertainty in the market.
+4 回覆
alanmasters donyewuc
@donyewuc, "The correction is welcome. I'd rather we go back down to 4K and make the journey up again than to deal with the current uncertainty in the market. " Sounds good.
+2 回覆
@alanmasters did you recognize this large symmetrical triangle forming on the logarithmic chart with the longterm trend?

It's kind of by the book. Timeframe rougly 3-4 months, three touches to the top, two to the bottom. Declining Volume...



What do you think?
+4 回覆
@Jbos865, I did notice it. I believe that it will be interesting to watch, but I am bullish on Bitcoin long term, I believe it will break to the upside even if it retraces after that. But that is just my wish, we all know that it can go either way if we reach the end point.
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Thanks Alan, it will be interesting to see if the 8700 holds. If not there's a long way to fall. As you found, we're still in a downtrend, but to me it looks like we might have formed a triangle which may see a continued downtrend as far as $3200.



+4 回覆
Pejta1991 j0nesy1977.mj
@j0nesy1977.mj, im agreed with you , double top formation also called m pattern , estimated target at least 7200$
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