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By equatorialadams
#2575
The 4-hour chart illustrates that Bitcoin rebounded off lower lows into the 200-DMA and off the back of a bullish RSI divergence. A bullish divergence occurs when price makes lower lows but the oscillator makes higher lows. Today’s rebound is coupled with a low timeframe W-Bottom pattern, which nicely coincided with the 200-DMA resistance. If this is broken, the bulls will target a move higher towards $9,000 which will be a critical level for the bulls to break.
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By track
#2577
Bitcoin closed the week decisively bearish, breaking and closing below the 20-week moving average (WMA) for the first time since breaking earlier in March. This was of particular note given that this is something that did not occur in 2016/2017 and is typically seen as being a very bearish indicator on the weekly chart. Despite this, Bitcoin has returned towards the weekly support at $7,600 and is in the proximity of the 61.8% retracement of the 2019 run-up. This is also a key area for Bitcoin and should act as an intermediate support. At the very least it is an ‘auto-buy’ zone for many investors.
#2578
As I have said a number of times on Twitter, I believe that it has been an altcoin season for months and that altcoins found their local bottoms in August. I have been comfortably trading them since. In early October, Bitcoin dropped and was ranging sideways, giving altcoins even more room to appreciate. At the time of writing, Bitcoin price is a few days removed from a sizable 6.6% move up, which caused a drop across the board on many altcoins. I am proceeding with caution on altcoins for the moment until Bitcoin has provided clearer direction for its next move.
#2579
While Bitcoin is off to a good start to the week, there is still the possibility that the 61.8% retracement fails and sellers pile on in significant size. There is also some confluence at the 78.6% retracement at $5,400 which aligns with the descending triangle breakdown measured move and the next high volume node for 2019 which is also in the vicinity of the 200- WMA.As it currently stands, many investors refuse to believe that these levels could be revisited and it would be seen as unprecedented in a Bitcoin bull market. With that said, it’s still worth bearing in mind.
#2580
As I have said a number of times on Twitter, I believe that it has been an altcoin season for months and that altcoins found their local bottoms in August. I have been comfortably trading them since. In early October, Bitcoin dropped and was ranging sideways, giving altcoins even more room to appreciate. At the time of writing, Bitcoin price is a few days removed from a sizable 6.6% move up, which caused a drop across the board on many altcoins. I am proceeding with caution on altcoins for the moment until Bitcoin has provided clearer direction for its next move.
#2599
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#2665
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