Bitcoin going sideways while Alts moving up
Updated
I was about to write a big analysis on Bitcoin', but i hope you understand me when i am saying it's just a waste of time.
I think that curved pattern on the left is legit now. On the right we are turning slightly up, we just need a candle close above the red resistance zone. So no more Bart moves or whatever nonsense. The past 2 hours it seems something is going on, i posted about it in my channels and have been moving up 20/30 points since, so could be real and not just noise. ETH' is getting pumped big time, others are slowly crawling up as well but i think the whole market is waiting for Bitcoin to break the 3700ish, which has been the real turning level between bear and bull for quite some time now.
To keep the story short and simple for the short term, i would watch the red and green zone on the right. With the green being the support of that curved blue line and the red being the resistance around 3610/20, which has been the resistance since the first time we saw a Bart move a week ago.
Anything above 3450/80 can still be a bullish version for the start of this possible impulse wave up. Of that breaks, it could be game over. But i think if the 3550/500 breaks, it will probably be over already. I don't think the market can handle a drop below that support zone.
Most important factor of all, we need to see the volume increase much more. It has been increasing today, so the current battle could be real, but we need much more than this. But that will probably happen above the 3620/50. But if it happens, the bull need to hold their levels, no wicks!
If we break the 3700/3450 zone, i will write a normal analysis again.
Please don't forget to like if you appreciate this :)
Previous analysis:
I think that curved pattern on the left is legit now. On the right we are turning slightly up, we just need a candle close above the red resistance zone. So no more Bart moves or whatever nonsense. The past 2 hours it seems something is going on, i posted about it in my channels and have been moving up 20/30 points since, so could be real and not just noise. ETH' is getting pumped big time, others are slowly crawling up as well but i think the whole market is waiting for Bitcoin to break the 3700ish, which has been the real turning level between bear and bull for quite some time now.
To keep the story short and simple for the short term, i would watch the red and green zone on the right. With the green being the support of that curved blue line and the red being the resistance around 3610/20, which has been the resistance since the first time we saw a Bart move a week ago.
Anything above 3450/80 can still be a bullish version for the start of this possible impulse wave up. Of that breaks, it could be game over. But i think if the 3550/500 breaks, it will probably be over already. I don't think the market can handle a drop below that support zone.
Most important factor of all, we need to see the volume increase much more. It has been increasing today, so the current battle could be real, but we need much more than this. But that will probably happen above the 3620/50. But if it happens, the bull need to hold their levels, no wicks!
If we break the 3700/3450 zone, i will write a normal analysis again.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
Not easy to compare it with other similar moments, but the only one i can think of now, is that movement before we squeezed up 10 days ago. The orange circle, but that means the bull need to hold their ground on the 1m chart, like their doing now.Note
So we had a break up, everything looked very good. Buying volume was increasing, bulls were keeping the pressure on, small squeeze up was forced and as a million times before, it got pushed down again. On the left, we can see the 'Bart' move bear flag. If we stay below that red zone, we will see another move down prob the next 6/24h. On the right we can see a possible inverse H&S, with a neckline that is becoming more clear now, the 3700ish zone which is a level i have been talking about for a while now.
So a realistic view for the coming few days (in combo with the current Bart move), is making a higher low around 3600. Creating a small triangle on the inside of the right shoulder. If we keep following that pattern the coming days (or simply move up from here), we could really see something happen the coming period.
Note
So the Bart move is prob invalid already, starting to look like a normal move again, good buying where bulls step up and hold their levels. I am calling it a day now, curious to see if they can pull it off. Since the bulls caught 'bart' move dump, it is starting to look more and more like the Dec rally. Note
Bulls doing their thing so far, keeping pressure on the bears, good volume, keeping price against the resistance. Alts keep moving up as well, so normally there is no other way than up. Bulls need to keep the pattern of higher lows. So max drop of 3630, but actually not even below 3670Note
Things could cool down a bit now, but the move up since yesterday is very good an strong so far, alts breaking up as well, volume is good! No ugly short squeeze, good solid strong buying, just like in December. Short term we we could see a correction down towards 3800. But I think there is one more wave up before a bigger correction (in time and price) happens. Still a target around 4000/4050, something I told my members a few hours ago.
So the big ABC up, what I called for since the Dec 3200 low seems to become reality. Depending on the strength of this move, we could see if this rally is just a correction of the down trend of the start of a new bull trend.
I will try to write a new analysis later today
Note
As promised, a new Bitcoin analysis:
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