We've been tracking Bitcoin for a while now, and we have been going up and down within a small range. Bitcoin has been trading within a triangular pattern jumping up and down respecting certain quite accurately, you can see those in all of my charts.
- The trading range is becoming more and more narrow which points to an upcoming breakout. The breakout can always happen in any direction, regardless of the pattern or formation, either up, down or continue sideways but our chart signals and indicators are telling me that we are going up long term.
- One of the main signals is a long term that has been building up on the daily time frame. This is a very strong signal and shouldn't be ignored.
- We also know the fact that Bitcoin's price always tend to find support where it is still profitable for miners to continue mining. So Bitcoin needs to hold a certain price (above $6,000 for now) for mining to remain profitable. Each time we reach this point, talks of the end of Bitcoin arise and a change of trend as well.
- The altcoins market action is also a positive signal for the overall look of the cryptocurrency market in the months to come. I believe our bull run will start, and be obvious to everybody, within the next two months or by end of year.
The next step is for Bitcoin to jump all the way to $7200. There are several strong resistance levels to break through, before we go there and we are also going to be looking at our support levels, because we know that just as we can go up, we can also go down.
So even though the title says "Bitcoin X amount", you can gain updates and information by reading my trade ideas, follow Bitcoins movements and know where it will go next, regardless of the title. We are quite aware that the price moves in waves and it is really easy to follow. We go up and down, up and down. Sometimes the we get long up and other times long down... Let's continue.
Now this is how I see it:
- We go to $6,700 next. If we can't break this level we go back down and test all of our different support. We have the I mentioned above and the Fib. levels.
- For support we have mainly $6350, $6280 and then $6100. These are short term, because we also have strong support at $6,000 and the range of $5755 - $6000 is our main strong support. These levels hasn't been broken since October 2017, almost a year from now.
- As for going up, we will test $6,700 first. We might have another red candle on the daily before a test up. Depending on how that goes, we follow from $6700 to $6900 and straight to $7200 if we can break the $6700-$6900 resistance range.
- In the case of starting the bull run early, you can always expect a flash crash before "the jump". A flash crash can happen anytime followed by a very strong bounce, this is very common when it comes to Bitcoin changing trends or altcoins in general.
- This imaginary flash crash can literally go as low as $4,500, as example, but would only last for a few hours and then we would resume our general long term bias as normal. We use these drops as opportunities to buy.
- There is also the scenario where we breakdown and go bear long, but for this we need to first break and close below $5755-$6000 and then later close below our long term bear support (click here for my long term weekly Bitcoin chart).
This is my analysis for Bitcoin for the day... See you at $7,200 soon...
Thanks a lot for reading.
If you enjoyed this article in whatever way, please feel free to like, share, follow and comment.
Your support is highly appreciated.
He is putting up some really nice charts:
"The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation."
Note: Mentioned 4h time frame in my last update and it should have been 1h. Sorry for the mistake.
Both patterns I shared earlier broke down.
Here is an updated version of several time frames:
Bitcoin moves up with massive strength.
(Thanks for the support).
We are now in a very tight spot... The next few days as well as the weekly candle close will be really important for Bitcoin.
The bulls are finally fighting back:
good to know some people are watching and making good moves in such a crazy yet beautiful market
thank you so much for all the newer followers, thumbs up, lurkers and good profit takers!
going to be a fun few days with CBE futures ending tomorrow, whats people thought for this? tempted to do a prediction chart but wanna keep it as real as i can get
bless up peeps and powerful trades to all
We just want positive from now on, so expecting positive tomorrow as well.