Bitcoin. Lots of bullish confirmation on the 4 hour.

Hello Everyone,

Quick post today. So as some of you know I have been saying that the long term charts for bitcoin have been looking weak and we may see a correction soon. Well here's another perspective.

Our 4 hour timeframe is looking fairly strong. With that said, there was a huge valuation for the Coinbase IPO and various alt coins are ramping up in price. The theory is, during alt season (when alts pump as bitcoin consolidates) people will take their profits from alts and put them back into bitcoin and bitcoin will explode upwards.

1. 4 hour is showing a confirmed double bottom. This is a bullish pattern.

2. There is waning selling momentum on MACD.

3. The Day timeframe MACD is still gaining buying momentum and has not shown weakness.

4. Good consolidation and a retest which may point towards accumulation around our "heart line" - (dotted yellow line).

5. 4 hour volume is going up as price is going up. This is bullish price action.

Overall, I have a short term target for $67,000 but if bitcoin really rips upward, I'm looking to take profit in the $75,000 - $80,000 range. Maybe even higher. But keep in mind that our weekly and monthly still look the way they do. They are currently still showing bearish price action but this could change if short term charts remain bullish. You may want to factor that in to your buys.

I hope this analysis helps some of you, if you are not in, now would be a great time to enter as there is confirmation of a double bottom but remember this is directed towards a more short term trade.

As always, be patient, manage your risk, and good luck trading!