Weekly BTC very possible Long to 11-12k 3rd or 4th quarter 2019
Greetings, it has been a while since I have done an analysis for BTC! Looking forward to giving more in the very near future. From the weekly chart it appears we are in the beginning stages of what may very well be another bull market for bitcoin. If you look at the MACD, we have a very nice bullish cross that happened about a month ago and has since been widening (good sign).
The RSI itself is oversold and is ready for a run while the Stochastic appears to be catching momentum already and I am expecting for it to stay within the higher ranges for the up coming months.
Also we have the 200 day moving average as a very strong support for and right now BTC will be moving toward the 50 moving average and would expect to have a move beyond the 50 moving average in the next few months then a pullback from resistance to the 50 ema area again before shooting towards 11k+.
The price action could very well continue the next 4-6 months towards 50% fibonacci level which is about 11.5k to 12k.
The RSI itself is oversold and is ready for a run while the Stochastic appears to be catching momentum already and I am expecting for it to stay within the higher ranges for the up coming months.
Also we have the 200 day moving average as a very strong support for and right now BTC will be moving toward the 50 moving average and would expect to have a move beyond the 50 moving average in the next few months then a pullback from resistance to the 50 ema area again before shooting towards 11k+.
The price action could very well continue the next 4-6 months towards 50% fibonacci level which is about 11.5k to 12k.
Comment:
Should have a confirmed golden cross with the 8 and 21 ema by the second week of April to confirm.