alanmasters

Bitcoin Faces Resistance | $9.6k or $11,3k? | Altcoins Market Uk

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin's rise to the top has been stopped by heavy resistance... Let's take a look at the chart together and see what will happen next and the different potential scenarios... Feel free to hit like to show some support.


Bitcoin Daily (1D) Chart Analysis by Alan Masters

  • Good Saturday, let's start by calling our attention to the "Purple trendline", notice how it stopped Bitcoin's growth multiple times, 4 total... This is an important resistance level . We can say that if Bitcoin manages to remain above this level, it can easily move higher (green arrows).

  • The "Brown trendline" at the bottom is working as our main support for the range trading/consolidation phase.

  • After BTCUSD was rejected for the fourth time from the purple trendline , it is likely to test lower support... But we trade based on candle close and we see Bitcoin staying above EMA10 and EMA50. If these levels hold, namely $10,300 - $10,350, Bitcoin can try and challenge the upside again... But if this level breaks, we are looking at around $9500 - $9650 next.

  • The RSI remains strong above 50.

Here we have to wait and see how the charts will develop. Our main bullish vs bearish potential indicator is the EMA10 line, so we remain bullish as long as BTCUSD is trading above this level.

On a break below EMA10, we look for support.

Overall, Bitcoin is likely to move lower since it already touched the purple trendline again and was rejected. In order to move any higher, this is the resistance that needs to break FIRST. If it can't be broken, Bitcoin moves lower...


Altcoins Market Update

I've been looking at many ALTSBTC charts and some did massive numbers in the past 2 weeks, numbers we haven't seen in months... But at the same time, many others went lower and hit new lows...

What is going on?

Now we see the strongest altcoins pairs (all top altcoins minus top 10) maintaining their last low and even moving higher. We see Bread ( BRDBTC ) which made a 100%+ move today...

In conclusion, the altcoins pairs vs Bitcoin will move strong starting now and after the 15-18 September.

We all had plenty of time to accumulate, buy and go long.
We all had plenty of time to see the market red going down more and more.

We only have a few days left and big change will come to us...

So get ready...
Be prepared...
The Altcoins Market will run like never before!

Feel free to share your charts and ask any questions, on the comments section below...

Namaste.
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Excellent, clean and detailed chart. Great analysis. Always much appreciated! Much love my trading brother, thanks for all you do!
+1 Reply
alanmasters CryptoGuru369
@CryptoGuru369, It is my pleasure... Thanks a lot for the support.
+1 Reply
Interesting, and very educational analysis.

I’m very much learning all of this.. it’s been 18 months, and I think I’m at least getting the basics.

And everything you’ve said makes sense,

Thanks,

Nick
+2 Reply
alanmasters nortonnick
@nortonnick, Thanks for sharing.

Namaste.
Reply
"the time to buy is when alt's blood in the streets." Baron Rothschild
+1 Reply
@oggie2, Thanks for sharing.
Reply
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