Looking At Bitcoin Short & Long on 4H Time Frame ($11.6k or $9k)

Updated

Bitcoin (XBT) is now trading within a broadening wedge and moving lower with a potential bounce in place...

Let's take a look at the signals coming from the above chart, as well as the potential scenarios and targets depending on how Bitcoin moves.

Feel free to hit like to get started...
Thanks a lot for the support.

Bitcoin (XBT) Short Term Analysis

Let's start by remembering that we focus on Bitcoin's movements and not predictions... Basically, we go with the flow.

We see Bitcoin moving lower and lower, our bullish signal is the bounce and break above EMA10 that happened yesterday, 18-July. A break above EMA10 is bullish as long as Bitcoin remains trading above this level. Any close below EMA10 and the potential moves from bullish to bearish, EMA10 is being challenged right now.

If XBT closes below $10,300, we can expect for it to move lower and test the next support at around $9700. If this level fails, the $9,000 - $9,300 range should be watched next.
On the other hand, Bitcoin had a recent jump from ~$9000 to ~$10,800, almost 20% gains, a great bounce but the charts are showing mixed signals. For Bitcoin to move higher, we first need to break and close above the $10,300 - $10,500 price range and see some follow up from this level. If Bitcoin moves above this level but the bulls fail to gain momentum, then it is more likely that the drop will go on.
If the bullish criteria are met, we are looking at $11,090 as our first target, followed by the $11,550 - $11,850 price range...

Right now we are seeing some mixed signals and feelings, but the momentum is going towards the bears on the broader view, short term the bulls are fighting...

So, where do we think Bitcoin will go?

As mentioned above, we trade based on candle close.

Share your thoughts with us in the comments section below...

Namaste.

Note

LOVE YOURSELF ABOVE ALL

The journey began as a favor, my excuse was to help...

I offered myself with this excuse but instead I was broken and needed support.

I took the trip and reached my friends home... Everything flowed smoothly, my help was gladly received but my wound became deeper, only pain was being shared, and of pain I had enough.

But my Spirit is ultra-strong, I took the hit and moved on... Back home I needed more help, so I fooled myself into offering help once more.

Everything was well received, I started giving more and more...

At one point I became weak and asked that I receive at least some caring in exchange for my role.

The answer was extremely clear...

If you want to help, then help... But don't expect to receive anything in return.

If you really want to start receiving help, love yourself above all.

Namaste.

Note

Additional charts for the altcoins...

BitTorrent (BTTBTC) Breaks Support, A Bullish Signal

TRON Hits Demand Zone, Challenging EMA10, Bullish Potential!

TRXU19 Challenges EMA50, Can Move Higher!

Ripple Is looking Bullish Against Bitcoin (XRPBTC)

Mainframe Fully Oversold + New All-Time Low

Note

BTC looking bullish... Ascending triangle and trading above trendline and EMA50... More volume (bulls follow up) and Bitcoin can move up.

(A close below EMA10 invalidates the above setup)

Note

Our TRON (TRXU19) hit all targets with more to come... (+69% ROE within hours)

XRPU19 is also doing good now...

AlanSantana

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