Long

🅱️ (1,000% Bullish) Wrong About Bitcoin Pt2 🎆Happy New Year

Updated

My dear readers, I believe I was wrong again... I was wrong about Bitcoin! I was wrong about calling for a correction happening about any time now, any day, based on a large amount of signals and data coming from the charts.

👉 It seems we will get one final jump or 1-3 weeks of sideways/consolidation/distribution before the next major move develops.

I am wishing you a happy new year and would like to take a moment to thank you once more for your continued support. 🥂🍾

Namaste.

Note

By the way, the SEC is likely to delay everything, all at once.
They need more time to make their decision and need to finish with CZ first before they can make their major move.

Probability is higher towards another delay.

Let me clarify a little bit, expand on the current Cryptocurrency market situation.

➖ Altcoins have plenty of room for growth. All of them minus those that already produced a major bullish wave. Those bottomed out and just breaking now above EMA50 weekly have much more to give, they can rise at least all the way up to the same level they were at March/April 2022.

➖ Bitcoin can produce one final leg up but this doesn't necessarily means that it will do so. It can remain sideways (distribution) for a few days or weeks so the Altcoins that are behind can move forward and then enter the correction. It can go sideways (consolidation) for a few weeks and then produce a final leg up. This will be decided based on live market sentiment and the LONGs vs SHORTs.

➖ We continue 100% bullish but caution is advised. Just think back to November 2022... All the technicals were bearish of course, bottom prices, but we were calling for a massive bullish wave, a reversal. It took months before this happened and it did happen and it took us to where we are at today. It is the same in reverse. All the technicals are super bullish, we are there high up looking green but the potential for a reversal is getting closer with each passing week.

➖ I just want the best for all of us... The bullish side is great but it is about 90-95% done. Consider this when making your moves.

➖ If you are on the short trade make sure to keep lev. low until confirmation comes in. If there is one final sudden move upwards then double down, speed up, increase.

➖ If you are spot, buy and hold ALTSBTC with a time projection of 2-6 months wait. This should increase your BTC holdings while Bitcoin goes down. When Bitcoin starts to go back up and the ALTS peak you can switch back.

Thank you for reading.

It will be a very interesting year, a prosperous year... 2024.

Namaste.

Note

🅱️ What Is A Failed Signal And How To Interpret It!

In a previous trade idea we looked Bitcoin (BTCUSD) on the daily (D) timeframe and tried to find data to corroborate a bearish bias.

We looked into EMA21 and a break below this level.

In short, a break below EMA21 produces a bearish signal and points to lower prices.
At the same time we noticed that in some cases the action would move below EMA21 just to quickly recover the next day... This is called by some people a "failed signal".

This is the situation we have now.

Bitcoin moved below EMA21 just to recover and move back above it the next day. And thus this bearish signal failed.

When we get a failed signal it is a great confirmation and work in the opposite direction, let me explain.

If Bitcoin produces a strong bearish signal yet bears fail to push prices lower and instead a reversal happen right away this give force to the bullish side and is extremely negative for the bearish side.

The fact that there is no follow through on the break below EMA21 but instead a recovery above it works as a bullish signal.

One signal in isolation is dangerous and we we look for additional clues:

➖ We also have higher lows short-, mid- and long-term.
➖ The daily RSI moved back above 50 (bullish).
➖ Weekly, Bitcoin is safely trading above ALL EMAs.

This is how market conditions change... One minute we are looking bearish, the next minute fireworks are about to take place.

Would you like a new updated update on the Altcoins?
Cardano just needed "one minor push"...
Most were mixed... How do the look today?

Boost and comment to let me know.

Thanks a lot for your continued support.

We are doing this LIVE!

Namaste.

Note

If BTCUSD closes daily below EMA21 the bullish signal is NOT confirmed.
This would mean that the bearish signal stays in place and receives confirmation, which makes it stronger.

More about this signal can be found in a previous trade idea titled: "🅱️ Correction Confirmed Within 24-48 Hours" If you are interested.

Closing daily below EMA21 would be extremely bearish... The session (day, week, month and year) closes in just 1 hour...

Namaste.

Note

I can be wrong or early but most of the major Altcoins are going bearish.
Bitcoin and the TOP Altcoins are highly correlated!

What one does, Cryptocurrency follows!
Here, see the charts!

✴️ Tellor Grows 8,423% Within 204 Days...

✴️ Tellor Grows 8,423% Within 204 Days...

✴️ Dogecoin in just a few words...

✴️ Chainlink Down-Move (Correction) Mapped

✴️ Avalanche Prepares To Crash

✴️ PolkaDot | One Candle

✴️ Binance Coin Correction Imminent

✴️ XRP Descending Triangle, Correction High Probability

Fireworks are going on as I write this... Happy New Year!

Namaste.

Note

Bitcoin is making a move on the 1H timeframe;
Highest volume since 20-December.

Still a lower high compared to 8-Dec & 22-Dec and below both downtrend lines (blue and purple) but it looks good... Major resistance ahead though and this is likely to end in another lower high.

Note

Here is the same chart on the 4H timeframe:

👉 Bullish above $44,700, bearish below.

Note

This is what I mean...

Nothing happens unless resistance breaks.

worth of SHORTS liquidated in the past 4 hours.
This is cleaning the way before the major correction happens. Removing all those over-leveraged positions.
That's my take.

Namaste.

Note

CME Futures trading just opened for Bitcoin and it immediately moved to hit a new hourly high... Making this the highest price hit in years...

We have not seen a break of the 8-Dec. high on spot trading (BTCUSD).

There is a rising window on today's open which can work as a mixed signal.

Note

If Bitcoin manages to move and close above $45,000 daily we switch our bias to 100% bullish.

AlanSantana

🔝 Daily Cryptocurrency Technical Analysis
followalan.com

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