We looked at all the reasons why Bitcoin (BTCUSD) can go bearish, over and over but technically we are strongly bullish with prices still trading above EMA10.
Our basic TA tells us that we remain bullish above EMA10 and bearish below.
EMA10 is the green line on the chart now sitting at $8971.4.
If Bitcoin remains above this level, we can easily see a jump follow.
When we look at some of the Altcoins that are growing big vs USD or USDT, on the weekly timeframe, we can see a similar pattern to BTC (A "V-shaped" drop and recovery) followed by additional growth.
We always remain open to all scenarios... Please keep in mind that Bitcoin can move higher as long as prices stay above this level.
If prices break and close below EMA10, the signals that we have been looking at over and over remain valid and the bearish view goes ahead.
But right now it is very easy for many to see Bitcoin drop, after four weeks of red but Bitcoin tends to move against the masses, which means That BITCOIN CAN EASILY GO BULLISH NEXT!
☘️ WORK SMART NOT HARD... BUT HARD WORK IS ALSO NEEDED
Have you ever heard the phrase, "Work smart not hard"?
We tend to agree... Be smart in all you do, no need to get lost in work, but life is not always simple there are different phases, different stages in everything we do, in everything we get involved.
As you are getting started or maybe halfway through your call...
There will be times when you need to work hard and yes, we do it, work hard and work smart.
Don't be afraid of dedication... Feel free to let yourself go.
not sure what to think...the daily chart on the other hand is everything but bullish. Been solid under EMA50 for days now, last time was in April, there's a strong bears wall everytime around 9200$ plus 0.38 fib level (starting from the 14k peak) has yet to be re-tested has support which is around 7750$ range. Plus weekly chart has been over bought for a few weeks now with no volume and MACD is already curving downwards. I think we'll definetly see a move in the next week or two. For the moment I don't think there's any reason for it to go up to 14k but we'll see ;)
AlanSantana
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@Cioppe_88, Thanks a lot for the detailed comment and I can see the same signals as you... But Bitcoin tends to surprise, let's also remain open to the bullish view.
Namaste.
PonziTycoon
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@alanmasters, Bitcoin tends to suprise both sides of the market just like every other asset where only the top 10% money controls the market. Explain why bitcoin will go up when all of retail has mostly bought back in? If retail buys back in that means someone else has to sell. So if almost everyone is on one side of the fence, and they are bullish, guess what happens next?
Namaste that
AlanSantana
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@TelecomTycoon, To me everybody was bearish...
PonziTycoon
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@alanmasters, If everyone is bearish that means that there is a possibility of a fake out to squeeze out bears and shorts in order to provide liquidity for market makers filling there shorts. If bitcoin pumps to 14K this summer are you going to steer the herd into losing all of their money again by saying bitcoin is bullish? Any professional trader will always counter trade the masses, as taking their liquidity is basically how the trading game works. Look up how lottery and raffle tickets work if you want to understand really what bitcoin (and any market) is all about.
Phi-Deltalytics
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Thanks for sharing. I always feel very calm after reading your analysis and it's nice to see rational opinions opposite from our stand right now. Much appreciated. I agree that on the weekly we are looking bullish. However, the daily is looking less bullish for me at this point, and it might drag the weekly down in time. Similar to the late August 2019 situation. Let's see what happens.
AlanSantana
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@Phi-Deltalytics, I agree... The daily isn't as strong and not enough volume...
AlanSantana
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@Phi-Deltalytics, So the technicals are bullish but things can always change... easily.
Phi-Deltalytics
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@alanmasters, agreed! If the RSI switch to above MA zone and holds, I would be a lot more bullish.
Jad-87
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What i keep wondering, why BTC is assumed to break at this moment?
Are the other scenarios equally probable? or the bullish has the most potential. And why is that?
If BTC is a technology based "instrument", possible it will be replaced by other technologies???
Does the following summarize the 3 potential scenarios we might see happening??