While the daily action has been zero after the bullish breakout, Bitcoin weekly is giving us several clear signals as to what might come next in the short term.
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Bitcoin Weekly Chart Analysis
Last week Bitcoin closed with a green candle that completely engulfed the previous weekly yellow candle. This makes up the bullish engulfing pattern (you can check the "related posts" for additional information on this pattern).
We have the ADAM & EVE bottom formation, which I drew with some green arrows.
The MACD is showing a young bullish crossover with the histogram turning in favor of the bulls.
Price bounced (last week) before reaching MA200 (black line) which is a signal of strength. If Bitcoin were looking down now, it would at least challenge this resistance level, but it didn't.
On a break to the upside, Bitcoin can easily test EMA200 (orange line) sitting at $4141.8. In order to challenge this resistance level, EMA10 ($3905.5) needs to be broken first.
Conditions for change: If Bitcoin fails to follow up on the bullish engulfing pattern and breaks down, you can expect it to first find support at $3405.3 followed by $3342.1 (BitFinex). These levels are marked by the last low and MA200.
My view: I believe that Bitcoin will break to the upside from late Wednesday to Saturday this week. There can be small retrace/correction before this happens with a 100/150 points swing. This can be seen on my XBT LONG trade chart:
If you have any questions, make sure to post them in the comments section below. Me or one of the many amazing Trading View users will happily reply.
Where do you think Bitcoin is headed next?
Share your thoughts and charts in the comments section below.
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Let's take a look at some of our active altcoins trades while we wait for Bitcoin to make its move... Altcoins have higher profits potential as they smaller market cap.
Mithril (MITHBTC):
BitTorrent (BTTBTC):
Ark (ARKBTC):
NAV Coin (NAVBTC):
Thanks again for the support, highly appreciated.
If you have any questions or need an update on any altcoin feel free to message me or leave a comment... I will be happy to assist.
Namaste.
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Loopring (LRCBTC), which generated over 125% profits for us just a few short months ago, it is getting ready for action again...
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BitTorrent (BTTBTC) Analysis Update by Request:
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I believe STRATBTC will move again:
Solve.Care (SOLVEBTC) is facing resistance right now. This one too can generate some massive earnings, but highly manipulated so make sure to have a trade plan if you go in it:
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Latest Bitcoin Update:
We are looking good on the weekly. EMA200 is the resistance to break.
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Bitcoin is now trading above EMA200.
Bitcoin tried to break this resistance 5 times in the past 4 months without success. A close above this level will signal good strength for the bulls.
I can provide something that something that supports BTC to be bullish short mid term if not a reversal.
2015 bull rally started with a weekly bullish engulf and had many such candles in the run towards ATH. Also, the weekly candle closed as Bearish Engulf after we hit ATH.
AlanSantana
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@7wis7edfa7e, Thanks a lot for sharing, this is really useful.
Namaste.
7wis7edfa7e
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@alanmasters,
I thought id just compile all that into this-
Cheers!