Bitcoin Bearish Isn't All Bad News, Altcoins Paying More!

Let's take another look at Bitcoin (BTCUSD) weekly as it stands today.

In our last analysis, we mentioned a test of EMA10. This happened...

But what comes next?

Now we are seeing Bitcoin aiming lower, we know this by looking at multiple points on the chart above:

• Shooting star candlestick.
  
• Higher low after shooting star.
  
• BTCUSD moving below EMA5.
  
• RSI and MACD starting to turn over to the bears side.
  

Now, this does not mean that Bitcoin will go to $1,000, $3,000 or whatnot, this only means that Bitcoin is moving lower now, but it can bounce anytime, so we follow the price.

So here is what happens next!

Bitcoin is now aiming for EMA10 again but this all depends on the weekly close.

• If Bitcoin moves lower and closes below EMA10, we are likely to move lower and test EMA50 (~$6900).
  
• But if instead EMA10 holds as strong support, Bitcoin can start to bounce and depending on the action, we will know what's to come.
  
• Another possibility that hasn't been looked at is Bitcoin going sideways. It is the turn for the altcoins to grow. Altcoins grow great when Bitcoin goes flat... So this is another scenario that we can consider.
  

In the meantime, Bitcoin (BTCUSD) is looking bearish and moving lower. We remain bearish short-term until Bitcoin confirms support and starts to move up again... We go with the flow.

Important support levels on the Weekly (W) timeframe:

(1) $8,900 - $9,570
(2) $7,400 - $8,150
(3) $6,400 - $6,900

If the charts turn and Bitcoin moves back up, here are the most important resistance levels on this timeframe:

(1) $11,120
(2) $12,060
(3) $13,200 - $13,880
---------

Altcoins Market Starting To Grow More & More

We enjoyed a bullish Bitcoin with over 6 months of growth. Now that Bitcoin stopped, it is the altcoins turn.

Bitcoin being bearish is not all bad news. We like a bullish Bitcoin because of the opportunities that tend to show up. Because of the great potential and the amazing new technology involved.

But most of us here are trading with a goal, that is to collect profits, using only our minds, patience and little to no hard work.

Many more opportunities will always be available for us. Now that Bitcoin is finally taking a break, it is the time for the altcoins bull-run.

Here is our previous analysis:

Here you can see some of our latest results:

Feel free to hit like if you would like to show us some love.

Namaste.

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Bitcoin just made a jump of $400 in 15 minutes...

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