Bitcoin 'Crazy' Drop! (A Positive development for BTCUSD)

Updated

This will be my shortest trade idea ever...

This huge drop is good for Bitcoin (BTCUSD). With this drop, we can finally move on and get on board the next Cryptocurrency Market Bull Run.

Expect Bitcoin to start a new bull run around 19-21st September.

If you agree, or disagree, please share in the comments section below.

Thanks a lot for reading!

Namaste.

Note

Think about it... all past retraces in price would take months to complete. At this rate, we will be at $5850 - $6000 in no time...

Now, if the above support is broken... We go down further, but, if we create a higher low, just as I mentioned in my last post, we will start our bull run soon.

Note

Previous analysis:

BITCOIN IS A BULL (All Targets Reached!) - $7850-$8000 Next!

Note

If you found this post useful, or entertaining, please like, share, comment and follow...

Your support is always highly appreciated.

Have a great morning, night and day!

Namaste.

Note

$6,300 is holding on so far. This will obviously need time to develop, but looks like it will be a quick retrace...

Bitcoin hit EMA500 seven times before breaking it up.
It was only hit once before it was broken down. (That's the purple line).

Daily:

4H:

Note

We have really strong support above $5850. This is the level to watch for. We are either looking for a higher low with a strong bounce, or a very quick drop that can go lower but still close above it. This is in order to maintain our long term bullish perspective.

For the bear side we just need to breakdown support and continue going down... Highly doubt it...

Weekly chart:

Recap:
- Strong support range $5850 - $6000.
- Strong resistance range $7300-$7500.

Note

It is easy to see that Bitcoin is bullish long term. If you look at the chart long term, it is going up... Let me show you:

- You can draw as many trendlines as you want.
- I don't think this part is up for discussion, you can see the proof above.

Here is the monthly chart:

Note

Bitcoin (BTCUSD) Fib. levels from the last bullish wave:

Note

Daily candle closes with a long wick. Not much more to add.

* Short term support range: $6230 - $6450.
* Strong support: $5750 - $6000

* Short term resistance: $6550 - $6800.
* Strong resistance range $7300-$7500.

See you on the next update.

Thanks a lot for reading. Your time and support is highly appreciated.

Thanks for all the comments and charts...
HAVE A WONDERFUL/AMAZING WEEKEND.

Namaste.

Note

Failed lower low attempt on the 4h TF:

Note

Entertaining Bitcoin post (have a nice weekend):

BTCUSD & SHORTS (Pt2) For Your Entertainment (Bullish Signal???)

Note

Above link again, first one is 'broken':

Bitcoin SHORTS (Pt2) For Your Entertainment (Bullish Signal???)

Thanks for the support.

Namaste.

Note

The bears tried again to hit and break $6,300 on the 4H TF (it was hit vs USDT) but vs USD it wasn't touched:

Still, this level can be easily broken but if it does happen, we are expecting a fast pull back.

If we break and close below our strong support. We will update our view about Bitcoin. (Strong support mentioned in updates above).

Note

I was looking at Coinbase since the prices are different there and drew some trendlines and marked the "strong support range", take a look:

(log off):

(log on):

Also remember the huge volume from the Korean market last week, they are big Bitcoin buyers. If they start to buy at the same pace when the next drop comes, it will be hard to push the price beyond our strong support.

I am really looking forward to see how the next few weeks will playout. It will definitely be entertaining... I am betting on Bitcoin of course, regardless of the outcome, Bitcoin is the only type of money that I own.

Namaste.

Note

The Binance altcoins have all created higher lows. This is a positive and bullish signals for the entire altcoins market. (I hope you are enjoying the low prices). Namaste.

Note

Bitcoin is going up now with good momentum as promised!

"Expect Bitcoin to start a new bull run around 19-21st September. "

AlanSantana

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