We are looking at Bitcoin and we are tracking Bitcoin's movements but we trade mainly the altcoins. How Bitcoin behaves affects the altcoins market and how the altcoins market behaves reveals what Bitcoin intends to do next. The chart reveals what is happening and what is about to happen.
Bitcoin produced a low of $112,000 2-August. Today Bitcoin produced a low of $112,353. If $112,000 holds as support or remains unchallenged, we can have an early end to the present retrace. Several things to consider:
1) Trading volume is low and this can be considered good. It can happen that the retrace ends or the final flush is still upon us. In both scenarios everything unravels within the next few days. No more than a week.
2) Trading volume was really high on the bearish side late July but so far there is no follow through.
3) Seeing six days red yet only a small retrace is a positive signal. Again, it can happen that the final flush happens today and the market turns. Something to keep in mind; when a flash crash happens, we tend to think of this as the start of a major down-move but normally this is the end. It can happen that Bitcoin moves lower and that's it, it starts to grow again.
4) Seeing how the market lacks bearish pressure—and also how the small altcoins are performing—we are going with the bulls.
5) As long as Bitcoin trades above $110,000, we are bullish long-term. Above $112,000, ultra-bullish including the short-term. When Bitcoin is trading above $100,000, the bullish bias is confirmed. It doesn't matter how you slice it, the bulls have control of this chart. The trading price is the most important data point and right now Bitcoin's price is really strong.
If $112,000 holds, expect Bitcoin to grow.
Namaste.
Bitcoin produced a low of $112,000 2-August. Today Bitcoin produced a low of $112,353. If $112,000 holds as support or remains unchallenged, we can have an early end to the present retrace. Several things to consider:
1) Trading volume is low and this can be considered good. It can happen that the retrace ends or the final flush is still upon us. In both scenarios everything unravels within the next few days. No more than a week.
2) Trading volume was really high on the bearish side late July but so far there is no follow through.
3) Seeing six days red yet only a small retrace is a positive signal. Again, it can happen that the final flush happens today and the market turns. Something to keep in mind; when a flash crash happens, we tend to think of this as the start of a major down-move but normally this is the end. It can happen that Bitcoin moves lower and that's it, it starts to grow again.
4) Seeing how the market lacks bearish pressure—and also how the small altcoins are performing—we are going with the bulls.
5) As long as Bitcoin trades above $110,000, we are bullish long-term. Above $112,000, ultra-bullish including the short-term. When Bitcoin is trading above $100,000, the bullish bias is confirmed. It doesn't matter how you slice it, the bulls have control of this chart. The trading price is the most important data point and right now Bitcoin's price is really strong.
If $112,000 holds, expect Bitcoin to grow.
Namaste.
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XRP +749% · DOGS +868%
BTC +580% · SOL +687%
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🚨 FREE Analyses & New Results
t.me/masteranandatrades/6681
🚨 PREMIUM LIFETIME (Since 2017)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🚨 TOP FREE Trades
ETH +2050% · AAVE +1134%
XRP +749% · DOGS +868%
BTC +580% · SOL +687%
t.me/anandatrades/1350
🚨 FREE Analyses & New Results
t.me/masteranandatrades/6681
🚨 PREMIUM LIFETIME (Since 2017)
lamatrades.com
ETH +2050% · AAVE +1134%
XRP +749% · DOGS +868%
BTC +580% · SOL +687%
t.me/anandatrades/1350
🚨 FREE Analyses & New Results
t.me/masteranandatrades/6681
🚨 PREMIUM LIFETIME (Since 2017)
lamatrades.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.