Hello friends! Welcome to this update analysis on BITCOIN! Let's jump right in. Looking at the four hour BTC chart, we can see that after the breakout of the bull flag, BTC ran straight up to the 61.8% retrace and got stopped cold. Since then, BTC has done something very interesting. It actually turned right back down, and touched the 200 EMA (in purple,) where it found nice support — forming a dragonfly doji candle in the process. For those of you who don't know, dragonfly dojis are bullish reversal signals. You can see that the current follow-through candle is green, confirming this reversal off of the 200 EMA. This is a really nice thing to see. The 200 EMA is a powerful level, and we've just confirmed it as support. BTC needs to remain above it now, and continue it's trek higher. I still believe that a test of the top of the downtrend channel is inevitable. It's pretty unlikely that we would get this close, to such an important level without testing it, but anything is possible. Regardless, BTC is still making forward progress, and that's all that matters. So, where do we go from here? Well, BTC could continue to trade sideways, to slightly higher, as it consolidates the massive run that has just taken place. Look for the 200 EMA to remain supportive. You can see that the 50 EMA (in orange) is quickly rising toward the 200 EMA. If/when they converge, it will form a powerful support level. Looking at the MACD, you can see that it has crossed over bearish, but the momentum is weak. Overall, I'm targeting an impending test of the top of the downtrend channel. The support at the 200 EMA is a bullish and encouraging development. Should a break above the top to the downtrend channel occur, the big upside target (12,187) would be in play. Good luck trading, everyone!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I think many traders would feel relieved if we see a crash to $7000. Then the real bull run can start. This one looks like a fake. Currently it looks like BTC is running out of steam and needs some more fresh air so it can breathe again. Agree?
chchboy
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@fiki, yup - not enough volume and not enough excitement.
UnknownUnicorn1629946
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@fiki, agree. It looks like someone is manipulating the price. Anyway, everyone still calling it to the moon. So..
KISStheProfit
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@yapckluke, 4 price manipulations for 24 hours until now.
@fiki, I think zero traders give a fuck whether Bitcoin goes to 7000 or not. Actually if we go to 7000 before going up that would mean more profit for me, but I won't feel "relieved".
KISStheProfit
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@fiki, Steem? It was pumped 4 times for 24 hours to make retails FOMO and get in. There were no volume between 9000 and 10 000 and it was going down from 11 000 -10 000 until someone decided to pump 4 times. That is the reason for the price now. I agree with you. Only FOMO buyers here. The whales can pump it even to 15 000 and then? More FOMO and the case of December with missing buying volume.
susan4stars
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I check out a variety of other authors and keep scratching them off the list—they’re just not in your league.
Some authors seem to see a downward Elliot wave under every bush, or are still waiting for a drop to 2000.
Your posts are clear, educational, and insightful. Thank you.
svhill11
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@susan4stars, I agree...this guy is good. Occasionally he gets a bit bullish on XRP when I just do not see it, but otherwise his chart analysis is the best here. I try to get to this site just to see what he sees. Of course, I combine charts with real analysis and news, but he is typically pretty close...especially on BTC. Others see BTC going down major league at every correction. MPC stays objective IMO...
svhill11
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@svhill11, I meant to say going down at every SLIGHT correction or pullback above.