Bitcoin Wizard
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Xrp as well as other altcoins still have many weeks more of uptrend, is just starting, I will update with a new chart when it reaches some critical sell points.
short term update on btc, support zone around $9600/$9690 with target to $10.100 and possible extension to $10.400
breakdown doesn't mean a bear market is comming, is just a retracement inside a bull market, support at the 200 D ma $8300, there is a similar fractal that happened before
As you can see bitcoin has reached a very strong support zone at the $8000/$8500 level, the green diagonal line supports the previous uptrend and is being retested right now.
THE WEEKLY RSI CYCLE: check how the rsi cycle remains below the yellow line and inside the red square during the bear market and above the yellow line inside the green square during the bull markets, this current move has made temporary break the yellow rsi line, but the positive thing is that is only Tuesday and the daily rsi is very oversold already. In order to consider this a true breakout, the weekly Rsi will need to stay below the yellow line and the price below the green line when the weekly candle closes this sunday. In resume believe the bull market is just starting and this is a good buy opportunity, but only the market will prove me right or wrong after the weekly close.
THE WEEKLY RSI CYCLE: check how the rsi cycle remains below the yellow line and inside the red square during the bear market and above the yellow line inside the green square during the bull markets, this current move has made temporary break the yellow rsi line, but the positive thing is that is only Tuesday and the daily rsi is very oversold already. In order to consider this a true breakout, the weekly Rsi will need to stay below the yellow line and the price below the green line when the weekly candle closes this sunday. In resume believe the bull market is just starting and this is a good buy opportunity, but only the market will prove me right or wrong after the weekly close.
Btc resting at the 100 weekly moving average, it's an uncommon support, last time it held the price was in 2016 and it seems to be holding the price well right now, risk reward favors longs, as long as $7700/$7780 is support, next weekly relevant resistance $9300
4h chart shows a reversal structure with bull divergence, the the curent low seems to be the first higher low, price is above the 21 ema and seems to be breaking the 50 ma, which is really positive, when it goes to $8330 will be a more solid signal that the next target is $8700 and potentially $9200/$9300 in the upcomming days.
Impulse was to weak to break the 200 dma at $8500, there is risk to drop back to $7700
Bitcoin Wizard
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Still expecting another pull back and more accumulation around $7800 before breaking above $8400, the rsi still shows a hidden bear div. However I'm wrong if it gives a daily close above $8500, but I consider that very unlikely.
This is another probable scenario, $7450/$7600 to for a bull divergence on a daily scale in 3 indicators, and that should be the bottom.
Btc still holding well, I marked with white arrows which I consider to be accumulation bars (bull candles) and is also showing bull divergence on a daily scale, hard to say now if it will drop back to the $7800 before going up, this is a very similar situation when btc was locked in a tight range at $3400/$4100 and altcoins were going up, I'm expecting a break above $8500 probably in a few more days from now before de week ends or next week the latest.