Bitcoin Prepares To Move (Price Action 20-Jan)

Bitcoin has been creating higher lows on the 4H time frame, with a higher high hit yesterday.

Looking at the chart, you can see this marked with a green dotted line, this is our trendline.

The way I see it, as long as BTCUSD can stay above EMA10 & EMA50 (green & magenta lines) on this time frame, it can continue on the short term bullish bias we are seeing with the recent breakouts to the upside.

But, if Bitcoin (BTCUSD) was to fall and close below these levels, it can start going down and test our next support.

- Our main support for medium to short term, is sitting green on the chart at $3550- $3600. The immediate support is sitting at $3750 (EMA50).
- Now, on the way up, we are looking to challenge and break EMA100 ($3791) as our immediate resistance before we can challenge our last target for our latest XBT LONG trade ($3800).
(See it here:

)

- If Bitcoin can move up strong, which it will do most likely today or tomorrow (or by mid-week depending on how the charts are looking- as I mentioned in my previous analysis), then we have resistance sitting at $3900 - $4100 after EMA200/MA200.

Where do you think Bitcoin is headed next?

I believe Bitcoin will continue moving up, we still see "sell" marked by the Trading View barometer, so we are leaning more torwards buy...

Share your thoughts in the comments section below.

Namaste.

Kommentera:

Previous analysis:

Using A Manual Stop Loss For Beginners @alanmasters (Learning)

BTC Sideways + Altcoins Update (BQX, WABI, UP, PAY, STEEM)

BTC Imminent Breakout + 3 Possibles Scenarios + $1,100 Next?

Kommentera:

BTCUSD Quickly moved down after publishing and bounced from our main support.

The green area is where strong support is found. If broken, Bitcoin will go lower.

Price can also bounce from this level as it did back in January 14th.

We wait and see...

Kommentera:

While we wait for Bitcoin, let's take a look at those profitable altcoins... Here are some of our latest trades:

HOTBTC +90%

RADSBTC +68%

POWRBTC +40%

XBT LONG +37.2% ROE

ADABTC +18%

LRCBTC +70%

OAXBTC +140%