Bluephantom

Bluephantom

This is for my own understanding and not financial advice. blah blah blah. This is a basic idea that will be obvious to most. While looking at shorter time period can give you some understanding of whether the market will change in trend direction it is much more risky to trade on. On this weekly chart it shows that the overall trend over 2017 was extremely...

Bluephantom

I have observed that this is the second time the price has broken through the 1 month, 2 month, 3 month and 6 month Exponential Moving Averages (EMA) in the last few weeks. In my opinion this indicates that the overall trend is still bullish.

Bluephantom

NB: this chart is in Log Scale This is to follow on from my last Publication. We have a start of a bullish trend but it needs to also break this next resistance line to no longer be considered in a bearish trend.

Bluephantom

On the 4hr BTC/USD I see signs of a confirmed bullish cycle. There was only a small pull back after testing the resistance line, it bounced off the Tenkan-sen at the top of the Kumo (cloud), and then has 5 consecutive bullish candles that break through the resistance line. We also then have the Tenkan-sen crossing the Kijun-sen.

Bluephantom

This is an update from my previous analysis, it obviously broke through the 10500 resistance line. It is now getting close to 70 on the RSI and will possibly have a pull back to (4).

Bluephantom

Using the bounce resistance level of the Bollinger Bands and the Ichimoku cloud. If this overall trend continues to be bullish I'd expect the breakout point to be around this location. If we find more resistance at $11K we may have more of the same for another month at least. If it gets to $13K before finding resistance we may very well be in for another decent...

Bluephantom

I see long signals in the ichimoku and also interpret a head and shoulders pattern.

Bluephantom

If it continues along this trend we may end up looking at a $3500 new Low for the year.

Bluephantom

I feel that this scenario is unlikely as the RSI hasn't shown any spikes in strength in either over sold or over bought in quite a while.

Bluephantom

I feel the market could still be bullish even though much TA is showing a turn in the market. With the recent news on cryptomarket acceptance in South Korea, It may be enough to push BTC through the $12k resistance.