We see this rising triangle pattern clearly on the hourly chart.
It's bullish continuation pattern, a version of the flag pattern. The flagpole began at the low of 1758 on July 16, flagpole high at 2957 on July 20.
Another breakout above 2900 signals a run to 3000. A breakout of resistance at 3000 (red arrow) means NEXT STOP 4000 based on the measured move of the flagpole of about 1200 and the natural psychological level of round numbers like 4000, where profit takers will take their gains.
The quick rise in July was the fastest and largest move in modern Bitcoin history, so we need some consolidation and digestion before the next leg. The consolidation triangle has refused to breakdown below the 2500 level, even with all the turbulence surrounding Bitcoin Cash. That is a real sign of strength. That big move and consolidation at these high levels doesn't look like weakness. It LOOKS LIKE STRENGTH to me.
They say, any press is good press, and searches for Bitcoin on google are trending up again, just as they did into the huge bubbles of April / May / June
trends.google.c.../trends/explore?q=bitcoin
We could break down, but the prevailing trend in 2016 is up, and all dips have been met with dramatic buying reversals.
With more widespread press attracting new speculators every day, and big investment banks and ETFs waiting on the sidelines, we haven't seen anything yet IMHO.
If we get above resistance at 3000, there will be a MASSIVE SHORT SQUEEZE and you can expect a very quick rise. A break above 2900 is a signal to get in early with maybe 1/2 your position. Then add the other 1/2 above 3000.
My top reasons why BITCOIN will BREAK 3000:
1. prevailing trend is up = tailwinds
2. more speculators entering the market every day (more press + more google searches)
3. technical pattern is bullish (flag and ascending triangle consolidation)
4. all moving averages are rising (200, 21, 9 day)
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It's bullish continuation pattern, a version of the flag pattern. The flagpole began at the low of 1758 on July 16, flagpole high at 2957 on July 20.
Another breakout above 2900 signals a run to 3000. A breakout of resistance at 3000 (red arrow) means NEXT STOP 4000 based on the measured move of the flagpole of about 1200 and the natural psychological level of round numbers like 4000, where profit takers will take their gains.
The quick rise in July was the fastest and largest move in modern Bitcoin history, so we need some consolidation and digestion before the next leg. The consolidation triangle has refused to breakdown below the 2500 level, even with all the turbulence surrounding Bitcoin Cash. That is a real sign of strength. That big move and consolidation at these high levels doesn't look like weakness. It LOOKS LIKE STRENGTH to me.
They say, any press is good press, and searches for Bitcoin on google are trending up again, just as they did into the huge bubbles of April / May / June
trends.google.c.../trends/explore?q=bitcoin
We could break down, but the prevailing trend in 2016 is up, and all dips have been met with dramatic buying reversals.
With more widespread press attracting new speculators every day, and big investment banks and ETFs waiting on the sidelines, we haven't seen anything yet IMHO.
If we get above resistance at 3000, there will be a MASSIVE SHORT SQUEEZE and you can expect a very quick rise. A break above 2900 is a signal to get in early with maybe 1/2 your position. Then add the other 1/2 above 3000.
My top reasons why BITCOIN will BREAK 3000:
1. prevailing trend is up = tailwinds
2. more speculators entering the market every day (more press + more google searches)
3. technical pattern is bullish (flag and ascending triangle consolidation)
4. all moving averages are rising (200, 21, 9 day)
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Get your friends to sign up, and earn 50% commissions on their trades!
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Trade closed: target reached:
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3000 IS NEW SUPPORT
Let's see if this breakout holds, but it looks strong. I think we see a quick run to 3500 and 4000, and then a pullback. Who knows how high this bubble can go. Make sure to take your profits when you can, and then pull the trigger again on a pullback.
Exciting to see this new barrier broken!