BitcoinLong
🅱️ What Will Happen Short-Term? What About The Correction?
Updated
This is the question I've been getting the most... it is funny actually because Bitcoin is clearly undergoing a strong bullish breakout and many bears are asking how far down will it go, and how deep is the correction.
My dear readers, there is no correction, Bitcoin is moving ahead.
Now, what is going to happen in the short-term?
This is a valid question... Please, allow me a few minutes of your time to answer and if you enjoy the content consider showing your support with a comment and boost.
➖ Bitcoin broke above EMA50 25-Sep session.
➖ 9-Oct session EMA50 is tested and holds as support.
➖ 16-Oct session (last week), we get a bullish continuation as confirmation of the break of resistance that happened late September.
➖ 23-Oct session (current week), we get additional bullish continuation with volume rising week after week since early August. This is the present situation, Bitcoin is clearly moving up.
The current session is almost full green, think of it just as last week.
If the week closes strong, any close above 31,900, then we can expect prices to move straight up.
We have two days for the week to close.
If the week closes weak, we can have a short-term "retrace" and we have to wait for more information before reaching any conclusions.
The way things are going now and if the week closes with prices similar to today, we can expect next week to see action above 37,000 with Bitcoin hitting 40,000 and even 42,000; easy by the way.
We have to wait and see how everything goes... But there is no correction, Bitcoin is going up!
This is something we've been expecting for the entire year... There is no going back now.
The only time Bitcoin will go down is when this bullish wave is over and done.
It can take a few weeks just as it can go for months... Read that last part again, it is hard to believe but this wave can actually last for months.
There will be lots of room for price swings, sideways/consolidation, shakeouts and such once we reach 40K, but we are witnessing only the beginning of this current bullish wave.
Bitcoin consolidated for 7 months (217 days - March through October), this wave is not going to end in just a few days.
The longer the consolidation phase, the stronger the move that follows and the bulls won, so enjoy the ride... We have a long way to go.
Namaste.
- Thank you for reading.
My dear readers, there is no correction, Bitcoin is moving ahead.
Now, what is going to happen in the short-term?
This is a valid question... Please, allow me a few minutes of your time to answer and if you enjoy the content consider showing your support with a comment and boost.
➖ Bitcoin broke above EMA50 25-Sep session.
➖ 9-Oct session EMA50 is tested and holds as support.
➖ 16-Oct session (last week), we get a bullish continuation as confirmation of the break of resistance that happened late September.
➖ 23-Oct session (current week), we get additional bullish continuation with volume rising week after week since early August. This is the present situation, Bitcoin is clearly moving up.
The current session is almost full green, think of it just as last week.
If the week closes strong, any close above 31,900, then we can expect prices to move straight up.
We have two days for the week to close.
If the week closes weak, we can have a short-term "retrace" and we have to wait for more information before reaching any conclusions.
The way things are going now and if the week closes with prices similar to today, we can expect next week to see action above 37,000 with Bitcoin hitting 40,000 and even 42,000; easy by the way.
We have to wait and see how everything goes... But there is no correction, Bitcoin is going up!
This is something we've been expecting for the entire year... There is no going back now.
The only time Bitcoin will go down is when this bullish wave is over and done.
It can take a few weeks just as it can go for months... Read that last part again, it is hard to believe but this wave can actually last for months.
There will be lots of room for price swings, sideways/consolidation, shakeouts and such once we reach 40K, but we are witnessing only the beginning of this current bullish wave.
Bitcoin consolidated for 7 months (217 days - March through October), this wave is not going to end in just a few days.
The longer the consolidation phase, the stronger the move that follows and the bulls won, so enjoy the ride... We have a long way to go.
Namaste.
- Thank you for reading.
Note
The weekly session is reaching its end today and Bitcoin is trading near the sessions high, resistance, which is really good.So far the bulls have been really strong and the analysis above continues to be valid and reinforced.
Having a closer look; the daily timeframe:
We can see that Bitcoin produced two days red with no drop.
We are currently on the second day green, again, this is bullish consolidation as prices remain trading very near to resistance, almost at the last high.
The longer Bitcoin stays closer to resistance the more likely it is that this resistance is challenged again in the near term.
Notice that Bitcoin did not move down to EMA10, EMA21 nor EMA50 short-term which normally happens when a correction is set to develop.
Volume dropping is also an indication for signs of no change... If nothing changes, then we remain within a strong bullish advanced that is set to continue...
Market conditions can change but Bitcoin continues strongly bullish on the daily, weekly and monthly timeframes.
Here is the monthly timeframe chart in case you missed it:
We have a full green candle and the best month since January 2023.
A great month will lead to additional bullish growth, that's my belief.
Boost, comment & follow if you agree.
Namaste.
Note
Bitcoin is currently trading at its highest level today on the daily based on candle close. The weekly session looks great.Here is the weekly MACD:
There is a bullish cross that just happened above zero, a very, very strong signal.
There is plenty of room available for the MACD to go up and thus Bitcoin.
This is but one of many signals available pointing to massive growth in the coming weeks and days.
Remember that the daily timeframe can be confusing, we can have several days red yet the week closes green.
We are bound to see strong price swings and shakeouts once the next resistance level is hit... When in doubt, zoom out... Or just ask me.
The RSI is aiming towards 95.
Namaste.
Note
Needless to say, Bitcoin closed the week almost full green and thus additional growth straight up is highly likely.See how this week is already trading above the previous weeks high:
A green Monday is also a strong positive signal even though an early signal.
Here is the 4H timeframe, literally short-term.
We have a clear consolidation/continuation pattern breaking bullish.
Prices trading above EMA10 and EMA21 with little to no retrace.
All signals are a green go!
Namaste.
Note
Bitcoin closed the month and week pretty good and we are set to experience higher prices based on the chart technicals which are all bullish.One additional and strong signal is coming once more from the Altcoins market.
The big Altcoins are moving yes, slowly, just waking up but surely aiming higher.
The smaller and medium-sized Altcoins are waking up strong!
We are seeing now dozens and dozens of Altcoins breaking bullish in the 2 digits range, between 30% and 60% just to start in a single day.
This type of Action is always bullish for Bitcoin.
Tether Dominance (USDT.D) bearish bias continues to strengthens, and the weaker this index becomes, the stronger Bitcoins becomes.
Shakeouts can easily show up but we have more up before any major correction takes place.
Once Bitcoin grows a bit more, many people will be very confused if they should expect a crash or additional growth.
I can keep you updated life... The market reveals always what will happen if we take the time to look close at the charts.
Namaste.
Note
I cannot say that I am not surprised, even though this is exactly what we have been expecting; Bitcoin is moving straight up.We have one more day before the weekly session ends and Bitcoin is trading near the resistance high, which is an extremely bullish signal.
We continue looking pretty good on all timeframe.
Daily going full green, trading above EMA10.
I will share a new updated weekly chart tomorrow when the week closes but everything stays the same.
Green/Bullish.
Namaste.
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