Time To BUY Bitcoin - Retrace Over?! (Another Wave Up Is Coming)
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Time to buy Bitcoin by Alan Masters
We had huge volume yesterday on the daily candle, the biggest volume we've seen in a while.
After Bitcoin's last wave up all the way to ~$8500, we had a major retrace. This retrace was very strong and fast and the price bounced after hitting $5858.6 on the 14th August.
A crash like retrace is good because you know it can't go on for that long and weak hands are removed quickly. On top of that, we created a "higher low" when hitting $5858 on the 14th August compared to $5755 on 24th June. Several signals are telling us that this might be the bottom of our retrace and that another wave up is about to start.
Let's take a look at some of the signals:
- Huge volume (mentioned several times already).
- SHORTS near all time high (last time this happened Bitcoin went up in price).
- MACD accumulation spotted and higher lows. Long term bullish divergence continues building up.
- RSI touched low point of 28 and now curving up. Showing plenty of room available for growth while sitting near bottom.
- Bullish candlesticks the last two days.
- $5700 - $6000 Support level has been holding since Mid October 2017.
These are just a few of the signals that I am getting from my charts.
Some of these are early signals, others are strong. One thing that we can be for sure is that Bitcoin is closer to the bottom than to its top... Keep that in mind, another opportunity to BUY has come.
Thanks a lot for reading...
Feel free to like, share, follow & comment... for more!
Namaste.
We had huge volume yesterday on the daily candle, the biggest volume we've seen in a while.
After Bitcoin's last wave up all the way to ~$8500, we had a major retrace. This retrace was very strong and fast and the price bounced after hitting $5858.6 on the 14th August.
A crash like retrace is good because you know it can't go on for that long and weak hands are removed quickly. On top of that, we created a "higher low" when hitting $5858 on the 14th August compared to $5755 on 24th June. Several signals are telling us that this might be the bottom of our retrace and that another wave up is about to start.
Let's take a look at some of the signals:
- Huge volume (mentioned several times already).
- SHORTS near all time high (last time this happened Bitcoin went up in price).
- MACD accumulation spotted and higher lows. Long term bullish divergence continues building up.
- RSI touched low point of 28 and now curving up. Showing plenty of room available for growth while sitting near bottom.
- Bullish candlesticks the last two days.
- $5700 - $6000 Support level has been holding since Mid October 2017.
These are just a few of the signals that I am getting from my charts.
Some of these are early signals, others are strong. One thing that we can be for sure is that Bitcoin is closer to the bottom than to its top... Keep that in mind, another opportunity to BUY has come.
Thanks a lot for reading...
Feel free to like, share, follow & comment... for more!
Namaste.
Nota
3Days chart:Weekly chart:
Nota
Altcoins are showing good volume as well. This is a good signal.Nota
Bitcoin Bollinger Bands on the daily time frame: Weekly (we have plenty of room available for growth on both...):
Nota
MACD bullish crossover on the 12h time frame (TF) and favorable volume...We finally broke above EMA10 (+SMA20) on this TF.
Please allow more time for Bitcoin to consolidate... Will move up soon.
We are also battling EMA10 on the daily TF:
- We can see all three indicators curving up...
I will be gone until Tuesday... Please wish me safe, fun, prosperous, abundant and entertaining a trip... Thanks a lot for the great comments and support.
Have a great weekend, enjoy it!
Namaste.
Nota
Trade idea by one of our great commentators (Thanks a lot for sharing weslad)
Nota
P.S. Remember to buy some altcoins as well.Good time to buy Bitcoin & Altcoins.
Good weekend!
Namaste.
Nota
We hit our first resistance today on the way UP, that is $6899 but all gains were quickly reversed... Consolidation continues...Consolidation going on the weekly as well... We might get another "neutral" week, trading sideways / within a range, before Bitcoin decides to make its next move...
Nota
Bitcoin ETF news: coindesk.com/sec-rejects-7-bitcoin-etf-proposals/Nota
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