thatmartiniguy
Long

BITCOIN IS BULLISH! (it is in a cool off recovery period)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Starting with the daily chart i think it is important to explain the market sentiment. Bitcoin dumped last night and closed the CME gap successfully, the CME gap is formed when the CME market closes for the weekend but bitcoin does not, the gap is a 50/50 thing, sometimes the CME exchange moves to meet BTC price and other times btc price moves to meet the CME . on this occasion it was 100% expected, i have been calling dump off 10200 for the past week and it finally happened. this as far as i can see is healthy and nothing to be alarmed about it is not manipulation and it is certainly not proof that this bull run is over. people were not dumping alts into BTC when this happened so i do think there is still plenty of steam left in BTC yet

anyway next up where is BTC price going to go in the next 24 to 48 hours

starting with the weekly chart we can see that the MACD has just ticked bullish and the last time this happened was when BTC went 4x from the bottom. the RSI is cooling off a bit and we are still well within a bullish trading range.

moving onto the daily chart we can see bitcoin got rejected at the top of the rising green trading range. this actually wasn't that bad for the RSI or the MACD with both retaining their bullish bias

however switching to the 4hr chart it starts to get more interesting

the 4hr looks bearish , much more cool off still to come, MACD still hot RSI is neutral

the red trading range is an important one to note a break to the bottom side of this would yield a drop to around 9100 and it would happen quick

but dont start opening shorts just yet, the 4hr is the only bearish case we have seen so far, the 1hr (pictured) is bullish with a rising support level the MACD is exhausted to the low side and the RSI is neutral with a bullish bias

30m looks to have a slight bullish bias. the interesting point here will come when bitcoin has to either break to the upside (red line) or break to the downside (green line) in this pennant formation and this is where we will look to trade

so a break of around 9920 would yield 10k+ BTC

any break below the green line then expect to trade sideways for a bit before breaking to the lowside very quickly, finding support at 9600 for a couple hours and then continuing to break down

in all likelihood i am very bullish on bitcoin and unless we dip below 9600 im not considering shorting

i am holding longs at the moment, i will open even more if we break 9920, i would consider this theory invalid if we broke back below the red line so i am posting this chart to trading view so you can all stay up to date with it

other than that not much else to say other than ditch your current exchanges and use bybit, here is my ref link 😉 https://www.bybit.com/app/register?affil...

or use duedex https://www.duedex.com/register?code=KYY...

duedex is very simple, they just added a really cool risk management tool

BTC pair on there only at the moment

*IF YOU WANT TO SEE THE WHOLE ANALYSIS INC CHARTS FOLLOW ME THEN DM ME ON INSTAGRAM TO JOIN MY TRADING GROUP (IT IS FREE) @themartiniguy*

Comments

little delay on your yt video today (2.11.20) .. but spot on as always!

close above 10250 and consolidate around 10300 for a bit like it did last year before the bakkt dump, and then another leg up to 11200-500 a small stop for gas and 12500 next to pop off .. imo
+1 Reply
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