CoinSavvy here with a breakout update, we are going to focus on different time frames to give us a heads up of what is to come after this breakout is finished rallying, so far though very exciting and if you look back at my post from the 17th here
you can see that the 3 day closed above the 200 sma and how I wrote if that happens then Bitcoin is going to around $9,500.
To gain maximum perspective, we should look at low, medium, high and macro time frames. This is so we can put the puzzle together and see the big picture to make educated game plans to execute depending on whatever scenario plays out.
I am creating multiple chart analysis for the high and macro time frames starting with the Daily then the 2 Day, 3 Day, Weekly and Monthly.
Analysis:
3 day looking bullish ever since closing for the second time above the 3 day, this was my simplistic approach from my previous analysis basically saying if it closes above that line then price will most likely continue higher and there’s not much stopping this rally from $9,500 - $10,000, if you want to know more click the chart that I pasted above this analysis. This breakout candlestick is going to close tonight at 8pm EST (in one hour) and it's looking good, so far as long as nothing crazy happens within the next hour, closing above $8,800.
The 55 and 89 are trying to cross above the 200 ema but hasn’t happened yet, they are pointed up and trying get above them, once they do that will be very bullish for the longer term trend.
Stochastics %K (blue) had a bearish cross below the %D (purple) a few ticks back however if we look back in time during trending bull moves these can get overextended (May 2017 stochs went from 97 down to 80 while price went from $1,600 to $3,000 which is a 90% gain, this just proves that these stochs can be in the critical zone and be pointed down and have the blue crossed below the purple and price just continues to shoot up) So yes technically this is a bearish signal but in this case I would say the bulls are likely to continue through. The RSI is looking very strong however we are likely to create some bearish divergence just like I discussed on the 2 day. Divergence targets for me are the 21 ema and the 21 ema on the 3 day is right around $6,300 however by the time things play out I would suspect this 21 ema to land us around $6,500 to $6,700 and that’s if this goes up to $10,000 then back down. This is all only if we set a local high and the RSI is at a lower low than the previous local high within a roughly 14 period range roughly to create bearish divergence.
Overall 3 day is bullish but looking like it's weakening, I still see a $9,500 Bitcoin before a $6,000 bitcoin.
For the bearish case see
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis.
To gain maximum perspective, we should look at low, medium, high and macro time frames. This is so we can put the puzzle together and see the big picture to make educated game plans to execute depending on whatever scenario plays out.
I am creating multiple chart analysis for the high and macro time frames starting with the Daily then the 2 Day, 3 Day, Weekly and Monthly.
Analysis:
3 day looking bullish ever since closing for the second time above the 3 day, this was my simplistic approach from my previous analysis basically saying if it closes above that line then price will most likely continue higher and there’s not much stopping this rally from $9,500 - $10,000, if you want to know more click the chart that I pasted above this analysis. This breakout candlestick is going to close tonight at 8pm EST (in one hour) and it's looking good, so far as long as nothing crazy happens within the next hour, closing above $8,800.
The 55 and 89 are trying to cross above the 200 ema but hasn’t happened yet, they are pointed up and trying get above them, once they do that will be very bullish for the longer term trend.
Stochastics %K (blue) had a bearish cross below the %D (purple) a few ticks back however if we look back in time during trending bull moves these can get overextended (May 2017 stochs went from 97 down to 80 while price went from $1,600 to $3,000 which is a 90% gain, this just proves that these stochs can be in the critical zone and be pointed down and have the blue crossed below the purple and price just continues to shoot up) So yes technically this is a bearish signal but in this case I would say the bulls are likely to continue through. The RSI is looking very strong however we are likely to create some bearish divergence just like I discussed on the 2 day. Divergence targets for me are the 21 ema and the 21 ema on the 3 day is right around $6,300 however by the time things play out I would suspect this 21 ema to land us around $6,500 to $6,700 and that’s if this goes up to $10,000 then back down. This is all only if we set a local high and the RSI is at a lower low than the previous local high within a roughly 14 period range roughly to create bearish divergence.
Overall 3 day is bullish but looking like it's weakening, I still see a $9,500 Bitcoin before a $6,000 bitcoin.
For the bearish case see
