Bitcoin Weekly Update | Possibly Positive + Altcoins Update Pt2

4 Jul 2021

Good Sunday my fellow cryptocurrency traders and happy 4th of July...

Despite all the negative news going around...
Despite all the Fear, Uncertainty and Doubt... All the FUD.

Bitcoin Weekly remains positive... Possibly.

It is the last day of the week and another candle closes today.

We are looking at EMA50.
After 77 days, this level continues to hold as support, this signal alone can gives us a pause and tells us of the positive/bullish potential for BTCUSD as long as it stays in place.

Going a bit deeper, looking at a different tool to workout our support levels, we have the Fibonacci retracement tool.

EMA50 coincides perfectly with the 0.5 Fib. retracement level of the entire bullish wave from March 2020 to present day.

But last's weeks candle printed a long lower wick/shadow that almost hit 0.618 Fib.

We know that in a bullish cycle, this is as much correction that is needed if prices were going to continue growing... We will mark this level with light green.

• We are bullish above EMA50, 0.5/0.618 Fib. retracement level. (green arrow)
  
• Below these same levels we would be looking at the bears taking full control (red arrows).
  

Why possibly positive and not straight up positive?

We have a little over 13 hours before day is over and the weekly candle closes.

Candle closure is needed for confirmation of the above signals.

Prices can still drop, suddenly, and close below EMA50 and the potential of the chart would change.

But on a bullish close, we would have 7 consecutive weeks closing above this level, a long wick last week and so the potential to move ahead.


Altcoins Going Bullish Is A Bullish Signal For Bitcoin

Bitcoin already went through a ~56% drop and 2.5+ months correction/bearish/sideways action.

The altcoins market went through something similar with many altcoins peaking in April and May. Some peaked in March and now recovering, moving up again.

Looking at hundreds of these charts, I can see that they are only getting started to grow after a higher low with strong potential for higher highs.

I am talking about the Altcoins vs Bitcoin pairs.

This is a bullish Bitcoin signal...

If Bitcoin remains sideways and the altcoins continue to grow... When the altcoins stop and to take a break, money can again flow back from the Altcoins to Bitcoin, back and forth.

Seeing the altcoins going bullish now it is a possitive for Bitcoin and the entire market.

We have multiple bullish signals in place.

We also have some bearish signals but it is more about the news rather than chart itself.

Time To Buy Altcoins

I've been saying, "Focus on the Altcoins".
Since late June I've been calling your attention to the altcoins as they have higher potential for profits now... There is so much more to come.

Let me know your favorite pair in the comments section, I'll try and give you a quick analysis to see if it is or isn't a good chart.
Pick the bullish ones...

Thanks a lot for reading and for your continued support.

Namaste.