Tricky Bullish-Bearish-Sideways Bitcoin (Short Term Analysis)

Recently we looked at Bitcoin long term, by analyzing the weekly time frame chart.

The general trend for Bitcoin right now is bearish, but short term we are having some bullish exposure and the long term view is giving out some strong bullish reversal signals. Take a look at my latest long term analysis here to read about these bullish signals:

In this trade idea, we will look at tricky Bitcoin short term, 4H time frame... So hit LIKE so that we can get started.

• BTCUSD is trading above EMA10, EMA50, and EMA200. The EMA200 is an important one, as Bitcoin tends to get rejected once it moves above this resistance. Now, EMA200 is working as support. This is marked with an orange line on the chart.
  
  
• If you see this chart a bit messy, that's because I have the Ichimoku Cloud on. You can see that we have the cloud as support, as well as the fib. levels and moving averages.
  
  
• The RSI remains bullish (above 50), which is good for the bulls.
  
  
• The MACD is curving and about to have a bullish crossover. The bullish crossover (converging lines) on this time frame is actually pretty good, it can send Bitcoin up nicely.
  
  
• I was looking at the SHORTS and LONGS on BitFinex, I will post another trade idea about it and share it below since there are many details to look at.
  
  
• Bitcoin is in a tricky situation, because the short term signals are bullish and everybody is expecting a move up. But there hasn't been any follow up yet and we know that Bitcoin tends to go the other way. So I drew the main two scenarios that I believe can happen with green arrows. The longer it takes to follow up on the last bullish move, the higher the chances that it breaks down rather than up. So we want Bitcoin to move up as soon as possible.
  
  
• In my long term analysis I mention a breakout to the upside from late Wednesday to end of Saturday, with the possibility of a 100-150 points swing (a shakeout) before the jump. This applies here as well.
  

Overall, the signals are still bullish but not by much. Maybe 60%-40% / Bullish-Bearish.

My view: If Bitcoin breaks up, the move will have lots of strength and go higher than what most people think.

If Bitcoin breaks down, it will be a LONG squeeze. I am looking at a long wick to kill some of the longs and resume the bullish breakout we saw last weak.

Conditions for change: The first warning would be a close below $3580 (BitFinex). We put our warnings hat on yet we remain bullish short term. If Bitcoin closes with strength below $3467, then a new analysis is needed as bearish-view/potential takes the lead.

While we remain above EMA10, 50 and EMA200, we continue with our bullish view.

Pattern formation: The famous bullish flag, which shouldn't bullish anymore as it almost always breakdown, also points to a break to the upside.

If you want to trade based on this information, please visit my XBT LONG with 100%+ ROE potential trade here:

Thanks a lot for reading and...

Remember to hit LIKE!

Namaste.

Comment:

24,000 Unconfirmed transaction. A breakout is coming soon: www.blockchain.com/b...nfirmed-transactions

Comment:

The LONGS and SHORTS are being squeezed (stolen)... So everybody lose but the exchanges.

- We wait for the hourly candle to close and see if this one will end up bearish or bullish. We want it to be bullish of course. :)

Comment:

BitFinex:

The 4H candle is a better indicator to have a better idea of how this move will develop. I am still leaning bullish as long as we remain above our support (EMA10, 50 and EMA200):

Comment:

Volume is starting to build up... Maybe Bitcoin (BTCUSD) will break overnight/morning...

Comment:

MACD Bullish crossover on the 4H TF now fully in place:

Comment:

Latest analysis:

Bitcoin (XBT) Sideways: LONG Opportunity In The Making!