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We predicted Bitcoin ( BTCUSD ) hitting around $9600 but...
As soon as this happens a new question comes up...
Will it resume growing or will it go lower?
Let's keep it simple shall we?
Bitcoin is very likely to go lower.
Now, I am not saying this based on upcoming news events...
I am not saying this because I am a "Bitcoin bear"...
Remember that I am the biggest Bitcoin /Cryptocurrency fan, I love crypto.
I am saying this because of what I am seeing coming from the above chart...
Purely based on /Chart Reading/Signals.
Let's read the chart together and let me know in the comments section what you think.
Bitcoin Daily by Alan Masters
- BTCUSD first printed a lower-high after the 17-Aug . peak and then went on to close below EMA10. Giving us our first strong signal.
- We were warned on 2-Aug. that a drop was coming when a "Bearish reversal candle" came in.
- After the break of EMA10 as support, a strong candle that took out the EMA50 and EMA100 followed...
- High on this candle.
- Yesterday's candle is neutral and today we are starting the day with a bias.
- The daily is now on the zone.
- The is getting weaker and weaker and the is reaching oversold.
- We also have an inverted cup pattern which is .
- While prices are trading below the 0.5 Fib. retracement support.
All of the above are signals...
We don't have any signals right now.
We are in a , for sure...
Yes, but the signals developing now are all and pointing lower.
To answer the initial question...
Bitcoin is likely to go lower and hit $9700 followed by $9000/$9250.
Note: Potentially, we can see a bounce take place to around $11,000 before more red... But taking into consideration all these signals, prices can go lower right away.
My last question goes as follows...
What do you think will happen next?
What about the Altcoins market?
We can see retraces and corrections when it comes to the altcoins but in general, they will continue to grow.
Even if Bitcoin drops hard/strong the altcoins will recover and resume their growth.
When I say "Altcoins", I am referring to all the altcoins minus the TOP10.
The TOP10 tends to follow Bitcoin and/or detach and create their own cycles.
Feel free to leave a comment if you have any questions.
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Previous analysis | 2-Sept.