Bitcoin has just managed to close a weekly candle above not only the down-sloping resistance channel, but also it has closed above all major moving averages -> accentuating the bullish picture.
Weekly = Very bullish:
- Weekly closed on a massive bullish engulfing candle and is well above the 10MA and 21EMA, as well as the channel.
- The Weekly Stochs have confirmed a cross up around the critical zone. This region when bullish crosses are confirmed holds a lot of positive momentum for bull runs. Here is examples of most of the times when this happened in BTC history:
Obviously the two in early 2018 didn't result in bull markets, but they did account to large gains.:
- Weekly positive momentum is emerging on the MACD
- Weekly RSI is broken out of the bearish control zone and is above the EMA.
The Daily is looking very bullish at the moment:
- After touching the heart-line of the channel BTC quickly created a huge bear trap.
- The MACD is very bullish and has the same levels of momentum compared back in August.
- RSI has broken into the bullish control zone and is way above the EMA.
- Stochs are sky high.
- The daily has closed two candles above all of the moving averages, this is extremely important, especially the 200SMA & 200EMA.
3D is looking great:
- 200EMA and 200SMA did not break and held price action up (as well as the monthly 10MA).
- There is a bullish cross on the MACD, last time was in December that called the entire move to $14000.
- 3D RSI has broken out of bearish control zone, and is above the EMA. This also has some slight bullish divergence, which largely has played out quite nicely already.
Most importantly, the 3D closed above the 21EMA & 50EMA with a huge bullish engulfing candle.
Monthly is looking good so far...
- Bounced off the 10MA after a bullish cross. (This has proven to call BTC's ignition of massive bullish momentum in previous cycles - 2016).
- RSI came down and tested the EMA after being rejected by the bullish zone.
- MACD positive momentum gaining.
I want to see Monthly close above $9700 to confirm this price action.
What I am expecting:
- Bitcoin is out of the channel, and is currently cooling off being it's next leg up.
- A test back down near the 21EMA and the Support of the Channel (around $9000). This also confluent with the Daily 200MA.
- I cannot see bitcoin suddenly falling and crashing through all of the resistance it just broke out of, at most we will see a test around the $8800-9000 region.
If no key areas are broken and closed below on a daily time frame, the only thing holding BTC back from taking off is time.
- When it takes off my targets are $11400 and low $12000's first. But after 12.4k is broken nothing is stopping BTC from doing exactly what it did this year...
Once the trendline from 2017 is broken, nothing is ahead for BTC.
Weekly = Very bullish:
- Weekly closed on a massive bullish engulfing candle and is well above the 10MA and 21EMA, as well as the channel.
- The Weekly Stochs have confirmed a cross up around the critical zone. This region when bullish crosses are confirmed holds a lot of positive momentum for bull runs. Here is examples of most of the times when this happened in BTC history:
Obviously the two in early 2018 didn't result in bull markets, but they did account to large gains.:
- Weekly positive momentum is emerging on the MACD
- Weekly RSI is broken out of the bearish control zone and is above the EMA.
The Daily is looking very bullish at the moment:
- After touching the heart-line of the channel BTC quickly created a huge bear trap.
- The MACD is very bullish and has the same levels of momentum compared back in August.
- RSI has broken into the bullish control zone and is way above the EMA.
- Stochs are sky high.
- The daily has closed two candles above all of the moving averages, this is extremely important, especially the 200SMA & 200EMA.
3D is looking great:
- 200EMA and 200SMA did not break and held price action up (as well as the monthly 10MA).
- There is a bullish cross on the MACD, last time was in December that called the entire move to $14000.
- 3D RSI has broken out of bearish control zone, and is above the EMA. This also has some slight bullish divergence, which largely has played out quite nicely already.
Most importantly, the 3D closed above the 21EMA & 50EMA with a huge bullish engulfing candle.
Monthly is looking good so far...
- Bounced off the 10MA after a bullish cross. (This has proven to call BTC's ignition of massive bullish momentum in previous cycles - 2016).
- RSI came down and tested the EMA after being rejected by the bullish zone.
- MACD positive momentum gaining.
What I am expecting:
- Bitcoin is out of the channel, and is currently cooling off being it's next leg up.
- A test back down near the 21EMA and the Support of the Channel (around $9000). This also confluent with the Daily 200MA.
- I cannot see bitcoin suddenly falling and crashing through all of the resistance it just broke out of, at most we will see a test around the $8800-9000 region.
If no key areas are broken and closed below on a daily time frame, the only thing holding BTC back from taking off is time.
- When it takes off my targets are $11400 and low $12000's first. But after 12.4k is broken nothing is stopping BTC from doing exactly what it did this year...
Once the trendline from 2017 is broken, nothing is ahead for BTC.
