Bitcoin Correction Over? Bitcoin Is Going Bull Mode; Yes or No?
Updated
Bitcoin has been going strong in the last few days, which is awesome.
Late January I had my expectations set for Bitcoin to start stabilizing by mid-February. Later I updated this "prediction" to mention stabilizing and / or going up by mid / late-February. We will see how that goes.
Bitcoin has been doing good lately, but we are not "there" yet.
I am waiting for this day to close, hoping that Bitcoin can break and stay above $9,500 to signal strong bullish momentum. We are bullish now, on the short term, but still there are some barriers that needs to be broken.
Above you can see the 4 hours chart (4 hours per candle), we have many positive signals, as well on the 1 Day chart, but these charts still need more time to develop a stronger signal. I am really enjoying the increase in price, but I am waiting for this day to close to post my next Bitcoin update.
Remember, I am a huge Bitcoin supporter and I love the idea of it and the entire cryptocurrency market. It offers great opportunities for many of us, all around the world. But we are still on a downtrend, so it is better to wait for clear confirmation, before acting on a conclusion that hasn't been reached yet.
Anyways, things are pretty simple, here are some scenarios for Bitcoin:
(1) Either Bitcoin keeps on gaining momentum and moving up, signaling more strength if we close the day above $9,500, or...
(2) Bitcoin slows down but doesn't go down, it starts going sideways, accumulating for the next step, or... finally...
(3) Bitcoin breaks down, and go and test our support levels again.
For now, we are moving strongly up.
Let's hope we can keep up the momentum, I will be sharing a full update, once we reach our goal.
Namaste.
Late January I had my expectations set for Bitcoin to start stabilizing by mid-February. Later I updated this "prediction" to mention stabilizing and / or going up by mid / late-February. We will see how that goes.
Bitcoin has been doing good lately, but we are not "there" yet.
I am waiting for this day to close, hoping that Bitcoin can break and stay above $9,500 to signal strong bullish momentum. We are bullish now, on the short term, but still there are some barriers that needs to be broken.
Above you can see the 4 hours chart (4 hours per candle), we have many positive signals, as well on the 1 Day chart, but these charts still need more time to develop a stronger signal. I am really enjoying the increase in price, but I am waiting for this day to close to post my next Bitcoin update.
Remember, I am a huge Bitcoin supporter and I love the idea of it and the entire cryptocurrency market. It offers great opportunities for many of us, all around the world. But we are still on a downtrend, so it is better to wait for clear confirmation, before acting on a conclusion that hasn't been reached yet.
Anyways, things are pretty simple, here are some scenarios for Bitcoin:
(1) Either Bitcoin keeps on gaining momentum and moving up, signaling more strength if we close the day above $9,500, or...
(2) Bitcoin slows down but doesn't go down, it starts going sideways, accumulating for the next step, or... finally...
(3) Bitcoin breaks down, and go and test our support levels again.
For now, we are moving strongly up.
Let's hope we can keep up the momentum, I will be sharing a full update, once we reach our goal.
Namaste.
Note
Bitcoin always tends to exceed all expectations... Remember that.Note
Bitcoin had a great close yesterday. We had a full green candle with a #1 count on the daily chart.The MACD has now fully crossed over and is trending up with plenty of room for growth.
1D chart:
On the shorter time frame, the 2h chart, you can see the SMA 20 & 50 curving up and crossing the SMA200. This is a good signal but the RSI is hovering around the overbought line.
2H chart:
We have good signals all around but the best one of all is the price, it keeps on going up strong.
We are happy with Bitcoin, let's just keep pushing so that we can keep on moving up.
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Take a look at our next test, the EMA & SMA 200. You can target this range $10,000 to $10,200. This is where we will find the next resistance.Take a quick look at the 4h chart:
Bitcoin right now is going up. It is consolidating to test our next target / resistance.
So I am seeing it as bullish with tendencies of going sideways... I am not seeing many bearish signals but I am seeing many positive ones.
Let's keep on going UP!
Note
Bitcoin is now challenging the $10,000 price level on Bittrex.Bitcoin keeps on moving up strong!!!
1 hour chart:
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Bitcoin fought hard around the $10,000 to $10,200 level as the charts said it would, and went back down. Now wait for it to retrace before we can try again.The last two days have been positive, the daily chart looks good for the day. The shorter time frame are on retrace.
Here is the daily chart, it shows that we are still going up with the need to retrace to gain more momentum:
Note
The way Bitcoin is going now, if it were to retrace slowly, we can look for support level around the $9,000 to $9,200 range.If it reverses hard, we can go straight to $8,100+ levels. Any harder than that, and we will have plenty of time to post an update about it.
So far Bitcoin is showing lots of resilience. Which is great in my opinion, but we stay open for the different routes this coin can take.
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