Bitcoin is this the moment we have been waiting for?
Hello Traders,
As we all have been waiting amongst bearish news upon bearish news, we can see that the structure of bitcoin has been showing some bullish signs. After many Alt coins have jumped some points it is more likely than not that bitcoin will follow shortly behind. If you look at BTC.D you will see that it is falling and makes a lot of sense that the alts are running as bitcoin is still in a sideways range.
So lets dig into the chart, the first area that will need to be beat is between $44,462 and $46,220, if this is won by the bulls here will most likely come and retest this same area as support. After testing this area I would expect a bullish movement up to the
54K area. If in fact we have a pullback to the lower range of the ascending triangle we seem to be in there is always the possibility that we head down and need to always have a plan for either way regardless of the likely scenario being an upward move. As you can see on the chart I have put these three likely scenarios here drawn out. The main bullish factor I have been looking at which I did not place on this chart as to give you all a better look at the structure is the impending MACD indicator cross up and major bullish news starting to come in across the board for the whole space.
I hope this has helped identify some areas and you like the idea. Feel free to leave questions and comments below!
Have a green week folks!
Tell me what you think about some of the private ideas I have linked below.
Savvy
As we all have been waiting amongst bearish news upon bearish news, we can see that the structure of bitcoin has been showing some bullish signs. After many Alt coins have jumped some points it is more likely than not that bitcoin will follow shortly behind. If you look at BTC.D you will see that it is falling and makes a lot of sense that the alts are running as bitcoin is still in a sideways range.
So lets dig into the chart, the first area that will need to be beat is between $44,462 and $46,220, if this is won by the bulls here will most likely come and retest this same area as support. After testing this area I would expect a bullish movement up to the
54K area. If in fact we have a pullback to the lower range of the ascending triangle we seem to be in there is always the possibility that we head down and need to always have a plan for either way regardless of the likely scenario being an upward move. As you can see on the chart I have put these three likely scenarios here drawn out. The main bullish factor I have been looking at which I did not place on this chart as to give you all a better look at the structure is the impending MACD indicator cross up and major bullish news starting to come in across the board for the whole space. I hope this has helped identify some areas and you like the idea. Feel free to leave questions and comments below!
Have a green week folks!
Tell me what you think about some of the private ideas I have linked below.
Savvy
