alanmasters
Long

Bitcoin Retraces Hits Oversold - 4H [TIME TO BUY BITCOIN]

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin’ is retracing as I mentioned on the 27th October on my last Bitcoin’ update. What to do next?

- Just like last time, we've entered oversold on the RSI . Each time Bitcoin’ hits this level, it bounces and starts to move up.

- June's low trendline is working as support.

- Buy in range: $6200 - $6350 for long.

- LONG TERM Bitcoin trade:

- Next target: $6500 (short term) followed by $6800.

- Next support: $6300 followed by $6200.

- Thanks a lot for reading. More updates coming soon.

Please like, share, comment and follow if you enjoyed this buy notification.

Namaste.
Comment: Daily time frame:
Comment: Thank you all for the amazing support.

Let me add that he conventional markets reached ALL TIME HIGH, and are crashing: stocks, indexes, etc. and cryptocurrency has reached some DEEP LOWs, it is starting to move up.

So let it drop some more, just make sure to buy up as much as you want.

TIME TO BUY BITCOIN AGAIN.

Namaste.
Comment: More reasons to buy Bitcoin (hidden bullish divergence spotted):
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Related Ideas

Yep this bearmarket is going to end, take your ticket for the bull season :
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Hi Alan. Sorry to write this but you need to read up about bullish divergence.....it's when price hits a new low but rsi doesn't fall in proportion and stays above the last low.....there is no bullish divergence in your chart......and some deluded people are seeing an inverse head and shoulders .... It's a bear flag forecasting more fall ahead!......it's sad to see you getting this all wrong...... temporarily we are going south dear.......namaste
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alanmasters jitenjaipuria
@jitenjaipuria, You missed the word "hidden", but I truly appreciate your effort, your support is appreciated.

The chart is correct.

Thanks a lot.

Namaste.
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jitenjaipuria alanmasters
@alanmasters, markets are markets dear. sad to see your case gone wrong
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Alan, thank you for sharing your ideas, useful as always. What do you think about using fib spirals, both left and right handed? I have an idea, its my first one published, what do you think?
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Nice find @alanmasters
Plus there is a possible inverted head and shoulders pattern but this is valid then when we get a candle close (at least 1h) around that green box!
+1 Reply
@VaidoVeek, Looks beautiful, nice job. Can't wait to see it move back up, really entertaining the past few days.
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Nice analysis! ;)
This is my short term analysis:
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Hey!
Currently, the BITCOIN price is on the very important area, between the two counter-trendlines both of them are pulled from August 14. but they have a different count of touches:
- Orange has two touches and yesterday was the third touch, this is pulled from the wicks
- Gray has three touches and yesterday was the fourth and the key points are pulled from August 14 wick and 19. Sept. wick

After the last 4h candle close we got a perfect rejection from the green line! So, the first bearish sign has failed! Now we need the power to push it through the gray trendline and above of it. It's nice to see that the mentioned green line has held us at the moment, sweet!
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And if we get another bounce from these levels that will not break.. bad bad news for you bears because there’s only one other way to go .. the bear trap is in ; )
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