Bitcoin & Crypto Markets Retrace! Will The Latest Rally Continue? BTC, ETH, XRP, BCH & Crypto News!



so if you were paying attention to Bitcoin in all coins this week you probably saw that we've been experiencing a nice little rally Bitcoin has gained several percentage points over the past few days meanwhile some alts like X RP and Bitcoin cash have exploded upwards recently which has no doubt contributed to some Rises across the crypto space but all good things must come to an end in the past 24 hours we've seen the price retraced a bit across most of the coins in the top 100 so is this rally already over or are we just cooling off before the next leg up that's what I want to cover in today's video so welcome back to the channel everyone phil here from crypto authority soon to be rebranded into money authority be sure to hit that subscribe button for daily crypto videos and click that little bell right next to it so you never miss out on the latest crypto news and analysis so let's get right into it as always let me start by covering coin market cap so as you can see here bitcoin is down nearly 1% and as you know when Bitcoin goes down the alts tend to follow with greater volatility so scrolling down this list of the top 100 today you can definitely see we have a negative bias going on for the most part but again this is after multiple days of rallying so it's not exactly the end of the world again for crypto markets now moving over to the Bitcoin charts as always so I'll be doing some technical analysis and today I want to present you with the bare case first and then the bull case last so starting with the bear case one of the chart indicators I like to use a lot is something called the Bollinger Bands Bollinger Bands are a technical indicator that can tell us a bunch of stuff traders use Bollinger Bands for buy and sell signals as well as an indicator for when we may experience big price moves or lack thereof so the Bollinger Bands on this chart is this green shaded cloud shaped thing overlaid on the candles now in terms of buy or sell signals typically if the price of the asset moves outside of the shaded region or touches the boundary of this Bollinger Bands indicator that means it's probably due for some pullback in the other direction so if the price falls underneath this shaded region you can expect the price to bounce back up if the price goes over that top boundary then that asset may be overbought and you could see the price get pulled back down soon so what happened recently well on the daily chart Bitcoin did exceed that upper threshold of the Bollinger Bands indicating we were overbought and we're now seeing a pullback in the opposite direction and historically on the daily chart you'll notice that when we hit that upper boundary we often see real large price dumps we saw this in September a couple of times it happened in July as well in multiple times earlier in 2018 and in those cases it did lead to multi day down trends and sometimes ones that took us to the lower boundaries of those Bollinger Bands next up is our MACD on the 4-hour charts which is this indicator in the middle here so we did get a bearish crossover which is when that blue MACD line crosses below that orange signal line here so historically on the charts here you'll notice that when we get that bearish crossover we usually see some sort of multi-day downtrend start so don't be surprised if we see a similar pattern play out here with both of our Bollinger Bands and our MACD giving us sell signals on the flip side we have already seen a sell-off so we don't necessarily need to keep dropping so let's get to the bull case of that said now I'd still argue that bitcoin has some bullish momentum going for it like I mentioned in yesterday's video I thought a drop could be coming because we had hit very overbought levels honor RSI on the 4-hour charts well we've since seen the RSI cool off significantly meaning we could see this rally continue back up and we wouldn't hit overbought levels for quite a while and on top of that you'll notice I have this white line overlaid on the candles here this is the 20 candle exponential moving average on the 4-hour charts and you'll see that since the end of October since this latest rally started we've been using this EMA for support so the pattern has been move up the price dumps bounces off this support line around the exponential moving average then moves up again and then just rinses and repeats so it does currently look like we are once again bouncing off the support level around the exponential moving average the last thing I want to mention pointing to a continued rally is the fact that our hike annachi candles are showing us a green trend on the daily charts so the hike annachi candles are a type of Candlestick charting system that lets us better identify trends overall and you'll notice that historically when we see about 5 plus green candles on the hike annachi charts it does tend to lead to extended price rallies that lead to Bitcoin moving up quite significantly so in the short term I do think that there is a bit more bullish momentum overall than bearish in the mid term for the next few months though I remain mostly neutral I think there's a good chance that we see mostly sideways price action until around the new year which is where big coin intersects with it's a long-term support line and long-term obviously I'm extremely bullish so what do you all think should we expect more of a pullback in the short term mid term or is this latest rally going to continue moving upwards let me know in the comments down below so that is it for this video guys if you enjoyed this one please consider subscribing I do crypto videos like this daily and your support really helps small channels like this one grow I also highly recommend joining our free Facebook group it's for crippled enthusiasts just like yourself also if you want to learn the crypto strategy that passively turned five thousand dollars into 83,000 dollars check out my passive crypto investing case study it's completely free you can find the links to both the free group and the free case study in the description down below lastly guys this goes without saying but I'm not a financial advisor this is not professional investment advice telling you to buy or sell anything this is just me covering some stuff in the crypto space that I find interesting always do your own research before spending or investing any of your own money if all that said thanks for watching and I'll see you next time

7 thoughts on “Bitcoin & Crypto Markets Retrace! Will The Latest Rally Continue? BTC, ETH, XRP, BCH & Crypto News!”

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  2. Also look at a indicator called TDI. VERY accurate indicator. With green at 32, it shows seller of exhaustion, with green at 68 shows seller buyer exhaustion.
    On the weekly, this indicator is ranging around 45-50, also suggesting this bear market is far from over.
    "when in doubt, zoom out"

  3. I'm new to crypto, joined in Nov 2017. Today I saw that the weekly rsi have been ranging around 45 for this entire bear market.
    Previous bear market rsi was trading around 30 for extended periods of time.
    I realized, this bear market is far from over.
    Sub 4k, here we come.
    "when in doubt, zoom out"

  4. Do you think our latest rally will continue moving upwards?

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