Bitcoin Is Now Breaking Strong Resistance (END OF CORRECTION?)
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Bitcoin is now challenging strong resistance, which is the trend line (red dotted) created from the all time high reached on December 17.
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 daily chart time frame, we are trading near the 50 SMA 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 bullish, everyday more.
- We still have plenty of room for growth on the MACD and RSI, 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 bullish 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 support level 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 ascending channel (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.
Namaste.
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.
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 daily chart time frame, we are trading near the 50 SMA 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 bullish, everyday more.
- We still have plenty of room for growth on the MACD and RSI, 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 bullish 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 support level 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 ascending channel (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.
Namaste.
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.
Nota
Close up (4 hours chart): - Magenta line represents the target price that we want to close above.
- SMA50 (pale blue) crossing SMA200 (brown)
Nota
1 Day Bitcoin Chart (24 hours per candle): - 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
Nota
Bitcoin's climb UP continues.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:
Nota
What an interesting day. Trading day is almost over, in last then 1 hour, and the price suddenly is no longer above our important resistance level. Looks like suddenly Bitcoin does not want to close above the resistance line on the daily time frame...There is some time left though, we will see how it goes. :)
Nota
It is going down hard now. I doubt we will close above resistance today, but no big deal. We will break it when the time comes... :)So this will only take longer, no problem for us.
Namaste.
Nota
Here, take a quick look at the daily chart, here is how we close the trading day. We didn't close above the descending trendline, but we are still well within our ascending trading channel, which is great news.1D chart:
P.S. It does feel like the price is being clearly manipulated. :)
Nota
After not breaking above our resistance level, I thought that Bitcoin would crash harder but it remains strong. We are still at $11,000+, which is a great sign of strength for when the price goes down, we are building strong support.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:
Nota
We are already challenging the lower end of our ascending channel, you can use the black lines as early support. But these will likely be broken and we will go lower to the next strong support.Here is the chart:
Nota
Next strong support for Bitcoin on the daily 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.
Nota
This run is over, we are now tracking our next support zone... You can click the image below for additional information:
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