Short

Bitcoin What Now? $9.7K Or Lower? Altcoins Are Going To Bleed?

Updated

Ok... I know what's on your mind...
Hit LIKE to get started with this analysis now!

We predicted Bitcoin (BTCUSD) hitting around $9600 but...
As soon as this happens a new question comes up...

Will it resume growing or will it go lower?

Let's keep it simple shall we?

Bitcoin is very likely to go lower.

Now, I am not saying this based on upcoming news events...

I am not saying this because I am a "Bitcoin bear"...
Remember that I am the biggest Bitcoin/Cryptocurrency fan, I love crypto.

I am saying this because of what I am seeing coming from the above chart...
Purely based on Technical Analysis/Chart Reading/Signals.

Let's read the chart together and let me know in the comments section what you think.

Bitcoin Daily by Alan Masters

BTCUSD first printed a lower-high after the 17-Aug. peak and then went on to close below EMA10. Giving us our first strong bearish signal.
We were warned on 2-Aug. that a drop was coming when a "Bearish reversal candle" came in.
After the break of EMA10 as support, a strong bearish candle that took out the EMA50 and EMA100 followed...
High volume on this bearish candle.
Yesterday's candle is neutral and today we are starting the day with a bearish bias.
The daily MACD is now on the bearish zone.
The RSI is getting weaker and weaker and the STOCH is reaching oversold.
We also have an inverted cup pattern which is bearish.
While prices are trading below the 0.5 Fib. retracement support.

All of the above are bearish signals...
We don't have any bullish signals right now.
We are in a bullish trend, for sure...
Yes, but the signals developing now are all bearish and pointing lower.

To answer the initial question...
Bitcoin is likely to go lower and hit $9700 followed by $9000/$9250.

Note: Potentially, we can see a bounce take place to around $11,000 before more red... But taking into consideration all these signals, prices can go lower right away.

My last question goes as follows...
What do you think will happen next?

What about the Altcoins market?

We can see retraces and corrections when it comes to the altcoins but in general, they will continue to grow.

Even if Bitcoin drops hard/strong the altcoins will recover and resume their growth.

When I say "Altcoins", I am referring to all the altcoins minus the TOP10.
The TOP10 tends to follow Bitcoin and/or detach and create their own cycles.

Feel free to leave a comment if you have any questions.

Remember to hit LIKE to show your support.

Namaste.

Previous analysis | 2-Sept.

Bearish Bitcoin Confirmed! ($9600 Next?) Altcoins?

13-Aug.

Bitcoin Weekly Showing The First Signs of Retrace to $10204...

Note

Bitcoin (BTCUSD-4H)
It is going straight down now...

Note

Tomorrow we will look at Bitcoin on the weekly timeframe to see the implications of this current move... How far down can it go long-term?

Prices already trading below EMA10.

Note

☘️ THE POWER OF NOW MEDITATION!

Being in the "NOW!" has extreme powers...

It has very strong health powers, spiritual powers, consciousness power, transformation powers...

Power exists at all times, in every moment...
But power is nothing if you can't experience it now.

So, how can you experience this moment?

How can you tell that there is power in you now?

Because there is lots and lots of powers flowing through you now.

Everything that there is, there has always been and there will always be...

It is available to you now...

This can be power if power is what you want...

It can be anything that you want, as long as you learn to access this moment in which we are reading/writing this now...

Let's get started.

First, read this through...
Then put it in practice.

1) Close your eyes NOW!
2) With your eyes closed... Breath deeply... for as long as you can through your nose.
3) Inhale, inhale, inhale... As much as you can, as many times as you can without exhaling...
4) Continue to repeat this process until you reach your limit...
5) Inhale as much as you can and...
6) HOLD...
7) Hold the air inside and continue to inhale...
8) Finally... Exhale strongly through your mouth...
9) One (1) long exhale through your mouth until all of the air is gone.
10) Repeat this simple exercise ten (10) times and you are done.
Let me know how it goes...

Your meditation might not yield literal physical power instantly... But it will get you to experience this moment now... And this experience can get you anything and everything that you want.

This might not make much sense now, but if you practice this meditation often... You will have proof in the results.

Namaste.

AlanSantana

🔝 Daily Cryptocurrency Technical Analysis
followalan.com

🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)

🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com

Also on:

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.