Sorry, there is a typo there on the title, I meant to say: Bitcoin hits $114,000, soon to recover.
As you can see from our trading range, Bitcoin just went beyond the lower boundary and hit a new low, the lowest since 10-July but there is good news. There isn't room for prices to move much lower, this is part of the consolidation phase.
The first low happened 25-July and notice the high (bear) volume. The second low happens today and we have lower volume compared to 25-July, but Bitcoin hit a lower low. This reveals that the bearish move is already weak and losing force. It also reveals the fact that Bitcoin is about to recover.
Also notice the RSI, 2H. It hit oversold recently and went the lowest in a long while. Reversals tend to happen when the RSI becomes oversold.
Bitcoin is testing the lower boundary of the trading range, when this happens, the action reverses and moves back up. Prepare to see Bitcoin back above $120,000. It is normal and it will happen... But it is wise to give the market a few days. 5-August was bad last year. It gets bad but it also marks the bottom. Once the bottom is hit, growth long-term.
โName Your Altcoin
Leave a comment with the altcoins you are holding now and I will do an analysis for you. The altcoins will also recover and we are witnessing just a small retrace. Hold strong as this is the most important part. We will have a very strong new bullish wave develop within days.
As Bitcoin moves to test support, it will reverse to test resistance next. Which one is your top altcoins choice?
Thank you for reading.
Namaste.
As you can see from our trading range, Bitcoin just went beyond the lower boundary and hit a new low, the lowest since 10-July but there is good news. There isn't room for prices to move much lower, this is part of the consolidation phase.
The first low happened 25-July and notice the high (bear) volume. The second low happens today and we have lower volume compared to 25-July, but Bitcoin hit a lower low. This reveals that the bearish move is already weak and losing force. It also reveals the fact that Bitcoin is about to recover.
Also notice the RSI, 2H. It hit oversold recently and went the lowest in a long while. Reversals tend to happen when the RSI becomes oversold.
Bitcoin is testing the lower boundary of the trading range, when this happens, the action reverses and moves back up. Prepare to see Bitcoin back above $120,000. It is normal and it will happen... But it is wise to give the market a few days. 5-August was bad last year. It gets bad but it also marks the bottom. Once the bottom is hit, growth long-term.
โName Your Altcoin
Leave a comment with the altcoins you are holding now and I will do an analysis for you. The altcoins will also recover and we are witnessing just a small retrace. Hold strong as this is the most important part. We will have a very strong new bullish wave develop within days.
As Bitcoin moves to test support, it will reverse to test resistance next. Which one is your top altcoins choice?
Thank you for reading.
Namaste.
Trade active
Bullish Bitcoin Bull Market Not Over, This Is Only The StartThe previous all-time high was $112,000 on 22-May. Notice how after this date Bitcoin moves lower and test daily EMA89 and EMA55, then it resumes growing and hits a new all-time high this time around $123,000.
Bitcoin once more retraces; resistance turns support. The previous all-time high is now working as support and Bitcoin stopped dropping at $112,725. This is right above the last high and also right above EMA55 and a bit lower EMA89. So Bitcoin stopped dropping right above support.
Knowing what we know from the altcoinsโmost trading at bottom pricesโwe know support will hold, Bitcoin will recover and grow. The bull market is not over, this is only the start.
Namaste.
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ETH +1450% ยท AAVE +1134%
XRP +749% ยท DOGS +868%
BTC +563% ยท SOL +658%
t.me/anandatrades/1350
๐จ FREE Analyses & New Results
t.me/masteranandatrades/6499
๐จ PREMIUM LIFETIME (Since 2017)
lamatrades.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
๐จ TOP FREE Trades
ETH +1450% ยท AAVE +1134%
XRP +749% ยท DOGS +868%
BTC +563% ยท SOL +658%
t.me/anandatrades/1350
๐จ FREE Analyses & New Results
t.me/masteranandatrades/6499
๐จ PREMIUM LIFETIME (Since 2017)
lamatrades.com
ETH +1450% ยท AAVE +1134%
XRP +749% ยท DOGS +868%
BTC +563% ยท SOL +658%
t.me/anandatrades/1350
๐จ FREE Analyses & New Results
t.me/masteranandatrades/6499
๐จ PREMIUM LIFETIME (Since 2017)
lamatrades.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.