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:
This chart is very bullish, higher bull volume on higher prices with bull flags while all the moving averages point up instead of sideways or down. We will officially have all smaller ema’s trading above larger ones end of next trading week (Sunday June 2nd @ 8pm EST) as long as the 21 ema closes above the 55 and 89 ema’s.
Stochastics are looking good and still pointed in the upward direction and the blue is above the purple and in the critical zone, this is healthy in a longer-term trend but a pullback looks to be coming somewhat soon, although I see us continuing this breakout at least to $9,500.
RSI looking very strong but getting overextended, if we look back in time this looks like it’s one of the longest times it’s ever been away from the ema, so a pullback is coming shortly in terms of a weekly chart, that doesn’t mean we can’t keep rallying though, especially with all the higher time frames being so bullish.
Weekly chart is overall bullish and I see us make that move to $9,500 however I see a severe retrace all the way down to around low $6,000 region maybe even $5,400 and it still be overall bullish, I will discuss this in a different series at a later time although if you look back at my older charts you can see that I wrote about these longer term bearish targets.
For the bearish case in this series 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:
This chart is very bullish, higher bull volume on higher prices with bull flags while all the moving averages point up instead of sideways or down. We will officially have all smaller ema’s trading above larger ones end of next trading week (Sunday June 2nd @ 8pm EST) as long as the 21 ema closes above the 55 and 89 ema’s.
Stochastics are looking good and still pointed in the upward direction and the blue is above the purple and in the critical zone, this is healthy in a longer-term trend but a pullback looks to be coming somewhat soon, although I see us continuing this breakout at least to $9,500.
RSI looking very strong but getting overextended, if we look back in time this looks like it’s one of the longest times it’s ever been away from the ema, so a pullback is coming shortly in terms of a weekly chart, that doesn’t mean we can’t keep rallying though, especially with all the higher time frames being so bullish.
Weekly chart is overall bullish and I see us make that move to $9,500 however I see a severe retrace all the way down to around low $6,000 region maybe even $5,400 and it still be overall bullish, I will discuss this in a different series at a later time although if you look back at my older charts you can see that I wrote about these longer term bearish targets.
For the bearish case in this series see
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis.
