Bitcoin 2h Chart (Uptrend Channel - Gaining Momentum)
Updated
Let's take a look at Bitcoin vs USD on the short term, the 2 hours chart.
Since reaching our Bottom on the 6th February, at $5,920 on the BitStamp chart, Bitcoin has been going up strong.
I was expecting for Bitcoin to retest this bottom almost right away, I noticed many other Bitcoin analyst were getting the same signals from the charts but yet, this didn't materialize, we are going up strong again.
These can tell us several things, and it can be "good" or "bad" to you depending on how you look at it.
Either the analyst are mostly bad and don't know how to read chart signals, can be trusted, or the signals were there yet the market decides whatever it wants, as it normally works.
We look at the chart, we put up our tools and read what it all have to say. Translate it to English so that you can also understand.
Now, here is how it works. You can have many different signals at all times, depending on what you are looking at. So you can have 3 bullish signals and 2 bearish signals on any specific time frame, so you expect for the price to go up, based on these signals, and this is shared with the public. But it turns out that the bearish signals become stronger and develop into a decrease in price, or even worst, a piece of crazy news comes out, with its intended manipulation purpose and helps push the price down, even against the charts and signals that were looked at before the event.
So we always remain open to saying, "anything can happen, at anytime, anyways".
*** Bitcoin is now going up. This is a short term analysis. ***
From the 2 hours chart above, you can gain lots of information and even use it to learn how to read charts and trade, let's take a quick look, let's see what we can learn:
- Look at the brown, blue and light green lines, these are SMA (Simple Moving Average) lines. When the price is going up, normally you see these lines below the candles, but when the price is going down, this line starts to follow the price down from above.
The brown line is the 200 SMA, blue 50 SMA and green 20 SMA. Notice how the green and blue lines, after going down hard are now curving and crossing the 200 SMA line. These "lines" are now following the price from below, following up, showing us that Bitcoin is now trading above these averages. Which is a very good bullish signal. This can also be done with the EMA.
- The MACD is on the bullish zone, as well as the RSI and STOCH. They are all trending upwards and you can easily see an uptrend and higher lows all the time. Bullish sentiment is building up.
- We need a good close today and good momentum on this time frame, 2h, for this race to become stronger as it is missing a bit a heat.
The daily chart is also looking really good:
- The MACD is curving upwards and shows plenty of room for growth.
- All the indicators are turning bullish and we are now trading above the 200 SMA line. This very important support was broken, but Bitcoin climbed back and it is now moving up.
We need this trend to continue, as regardless of what happened / happens with our own personal positions or trades, we want a strong market, one where we can earn.
Thank you for reading again.
It is my pleasure to write for you...
Namaste.
P.S. This is not a trade advice, this is an educational post.
Since reaching our Bottom on the 6th February, at $5,920 on the BitStamp chart, Bitcoin has been going up strong.
I was expecting for Bitcoin to retest this bottom almost right away, I noticed many other Bitcoin analyst were getting the same signals from the charts but yet, this didn't materialize, we are going up strong again.
These can tell us several things, and it can be "good" or "bad" to you depending on how you look at it.
Either the analyst are mostly bad and don't know how to read chart signals, can be trusted, or the signals were there yet the market decides whatever it wants, as it normally works.
We look at the chart, we put up our tools and read what it all have to say. Translate it to English so that you can also understand.
Now, here is how it works. You can have many different signals at all times, depending on what you are looking at. So you can have 3 bullish signals and 2 bearish signals on any specific time frame, so you expect for the price to go up, based on these signals, and this is shared with the public. But it turns out that the bearish signals become stronger and develop into a decrease in price, or even worst, a piece of crazy news comes out, with its intended manipulation purpose and helps push the price down, even against the charts and signals that were looked at before the event.
So we always remain open to saying, "anything can happen, at anytime, anyways".
*** Bitcoin is now going up. This is a short term analysis. ***
From the 2 hours chart above, you can gain lots of information and even use it to learn how to read charts and trade, let's take a quick look, let's see what we can learn:
- Look at the brown, blue and light green lines, these are SMA (Simple Moving Average) lines. When the price is going up, normally you see these lines below the candles, but when the price is going down, this line starts to follow the price down from above.
The brown line is the 200 SMA, blue 50 SMA and green 20 SMA. Notice how the green and blue lines, after going down hard are now curving and crossing the 200 SMA line. These "lines" are now following the price from below, following up, showing us that Bitcoin is now trading above these averages. Which is a very good bullish signal. This can also be done with the EMA.
- The MACD is on the bullish zone, as well as the RSI and STOCH. They are all trending upwards and you can easily see an uptrend and higher lows all the time. Bullish sentiment is building up.
- We need a good close today and good momentum on this time frame, 2h, for this race to become stronger as it is missing a bit a heat.
The daily chart is also looking really good:
- The MACD is curving upwards and shows plenty of room for growth.
- All the indicators are turning bullish and we are now trading above the 200 SMA line. This very important support was broken, but Bitcoin climbed back and it is now moving up.
We need this trend to continue, as regardless of what happened / happens with our own personal positions or trades, we want a strong market, one where we can earn.
Thank you for reading again.
It is my pleasure to write for you...
Namaste.
P.S. This is not a trade advice, this is an educational post.
Note
Bitcoin is now fighting the $10,000 price level and the bullish signals are getting stronger.Here is the 2h chart:
The daily chart is looking better by the hour, take a look for yourself:
Note
After fighting another resistance level, on the 2h time frame, Bitcoin bounced strong from the SMA20 support and is consolidating to try again. Once this level is broken, around $10,200+, we will go for the next small resistance, around the $11,000 to $11,200 range, which if broken can open the door to fight a major resistance point and finally change a major trend from bearish to bullish.Here is the 2hours chart, you can see our beautiful and updated uptrend channel:
Note
Remember, even though Bitcoin is going up, there is still the possibility of it going down any minute, we are still in a descent and a rising wedge is forming, so it is good to keep a close eye on the price.The bottom line of the channel is the support level, if this level is broken we can expect to go down again.
Note
The SMA200 has become a strong resistance on the 4 hours chart. We need to break this resistance if we want to keep on moving up!Note
The next barrier is at $10,900 - $11,250.Let's continue.
Note
Here is our channel:2H:
4H:
🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
followalan.com
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.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.