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BTCUSD: Bitcoin Sideways + Imminent Breakout (Bulls Win Again!!)

By AlanSantana
Updated
Bitcoin has been trading within a range and sideways since the 20th September.

You can see the blue channel on the chart above. The trading range is $6460 - $6670.

Price action is getting compressed and a breakout is imminent, if we consider the trendlines on the chart above.

There is the possibility of a passive breakout, where we break sideways and continue going sideways. But if you look at the volume, it is decreasing a lot, which is a signal of an upcoming breakout.

Bitcoin (BTCUSD) has been creating higher lows since the 14th August (when a low was hit for many altcoins), I've marked the main four higher lows with a yellow circle.

Soon Bitcoin will decide if it will move up or down. Here is the beautiful part for the bulls.
  • If we break up, we set up for a bullish bias and additional bullish action for sure. But we need to breakup with momentum and strength.
  • If we break down, we have really strong support below. We are looking at $6450 followed by the $6000 to $6100 range as very strong support.
  • On top of that we have the $5755 - $6000 range which hasn't been broken since 2017. So even with a very strong drop we would still remain with a positive outlook after the bounce (if a bounce were to occur).

So we can move straight up, or breakdown and come back up.
The bears don't have much of a set up, since we have been building this bottom for quite long.

It is time to wait and relax, trade some altcoins in the meantime. Buy the breakout.

- If we break down, buy the dip and go long.
- If we break up, buy the breakout and go long.

If you enjoyed this post, please like, follow, comment and share.
Your support is highly appreciated...

Namaste.
Note
4H: snapshot

12H: snapshot
Note
Altcoins market update

The altcoins market continues doing great numbers. Most alts hit their low point on the 14th August, others on the 12th September, after this date many altcoins have gone on a rally, moving up strong and breaking through many long term resistance levels.

After breaking the downtrend and breaking resistance, these altcoins are doing a classic retrace and consolidating nicely, creating higher lows and later even higher highs... These are great positive signals for the short, mid and long term future of the altcoins market.

What I am seeing now is similar to what we saw in early 2017. The alts started to boom, and then more boom... then a break and finally a huge boom by end of year.

This looks like the early beginning of something massive...

Some of the alts retraced all the way back to May's 2018 low. While others went back to late 2017 prices, before the bull run and some others went all the way down to early-mid 2017 prices and many even created new all time lows.

This means that last years bull run has been completely erased for most altcoins. The market moves in cycles, up and down. Down and up.

The alts shredded all of their gains, removed them all... DOWN. And once we are down, the only place left to go is UP!

Bullish on Altcoins... come and enjoy.

Alan Masters here...

Namaste.
Note
We are already above the trend line on Binance for BTCUSDT on the 1H TF: snapshot

4H TF: snapshot

Volume is peaking up. Maybe we are looking for a GREEN Monday. Let's see how this develops.
Note
We closed above our trendline on the hourly time frame. If it holds, this trend line can now work as support: snapshot

- Note, this is a short term. We are looking at the daily time frame on the main chart above.
- For longer term, short term price swings are just noise. We look to a close below the purple trendline on the daily candle and go from there.
- Bitcoin remains bullish. Thanks a lot for your support.

Namaste.
Note
Close 4H candle above major down trendline, now turned GREEN: snapshot

- This is a stronger signal than the 1H candle close above.
- The next goal is to remain above this trendline and close above the blue channel.

I will update when the next 4 hours candle closes or if Bitcoin continues moving up strong.
Note
We are challenging our fib. resistance and upper resistance of our channel, for a close above on the 1H and 4H time frames, let's take a look: snapshot

If we close the 4H candle above fib. resistance, we can forget about the trendline, it will now work as support for the bulls... Which is great. Here is the 4h chart:
snapshot

Thanks a lot for the support.
Note
Bitcoin continues moving up strong... it looks like this is just the beginning: snapshot
Note
We are now above our trading and Bitcoin continues bullish, here is what you can expect in the coming days:

- Some sideways. Bitcoin should start to move sideways and consolidate based on past experience. The last few days/weeks we've seen Bitcoin break resistance and move sideways until the next resistance comes.

- Slow steady growth is good. With an imminent breakout, when it comes to BITCOIN, everybody is expecting a huge break up or down... But it can also happen that we go slow.

- Within now and the 22nd October we should be able to see one of those massive moves we are normally expecting.

Thanks a lot for reading.
Thanks a lot fo your continued support.

Namaste.
Note
The trendline we broke above yesterday it is already working as support on the 4h time frame. This is the same trendline that rejected Bitcoin's growth several times in the past, we are facing this same resistance.

As mentioned before, slow and sideways. Slow and steady growth.

Here is the chart: snapshot
Note
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Note
We have a hammer on the 4h TF: snapshot

- This is a reversal signal (to complete the retrace).
- EMA50 (Magenta) worked as support. Can be count upon for further support ($6600).
- We also have our trendline as support.

Resistance is at $6670 followed by $6740.

We consolidate nicely, easily and then continue climbing up.
If we get bear pressure, we look t our next support.

Namaste.
Note
Bitcoin continues going sideways with tendencies of breaking up. I believe we will have more sideways action for Bitcoin in October with small breakouts.

snapshot
Note
All broken down; the bears take the upper hand. Strong drop in price.

This is all good, normal and ok as long as we close/remain above $6100. Above $6100 we remain bullish short term, below we look to go further down.

Here is the chart: snapshot
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