I am looking at 6 different time frames and many indicators. I am also taking into account the general chart structure, candle formation, market cycle, the altcoins market behavior and a few more clues that all points to the same.
As for bear signals, I am not seeing many...
We are looking to break $6,800 first, after that, we can aim for $7,000+ and higher.
This next "push up" can happen in as little as 24 hours as it can take 3 days or more.
These are "predictions" that are intended to give you an idea as to when the next push up might happen. This is not what WILL happen, but instead what I believe can happen based on my own experience and the signals I am getting from my charts.
Use this information in combination with what you read from other analysts and traders to make an informed decision on what to do next when trading Bitcoin .
You can find many of my latest trades by checking the "Related ideas" below this post.
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Your time as well.
Thanks a lot for reading this report. I will be sharing more, and you can also read those...
If we have a drop that is strong enough to change the signals that I am getting from the charts, then I will publish an update and let you know about it. In the meantime, we are bullish in the short term.
What I mean is that the altcoins doing good means that Bitcoin will also do good. That Bitcoin found bottom, that a trend is reversing, etc. Not that the altcoins are pushing Bitcoin.
Whales won't be buying altcoins for no reason.
Please don't think that beginners and "new money" are pushing the altcoins market up. It is the whales, very smart money and experienced traders that are buying now, and if they are doing so, it is because the market is about to turn.
How can beginners and new money spot and buy at the very bottom? What type of thinking is that? If the altcoins are moving up, after months of going down, is because the whales are loading up as they want things to turn around.
In fact, Bitcoin is already showing many signals that it wants to continue its climb up. And the altcoins are booming, which means that a full trend change is about to come.
That's what I mean when I mention the Altcoins market action as a positive signal for the weeks to come.
"There are two ways to identify the overall trend using the Cloud. First, the trend is up when prices are above the Cloud, down when prices are below the Cloud and flat when prices are in the Cloud. Second, the uptrend is strengthened when the Leading Span A (green cloud line) is rising and above the Leading Span B (red cloud line). This situation produces a green Cloud. Conversely, a downtrend is reinforced when the Leading Span A (green cloud line) is falling and below the Leading Span B (red cloud line). This situation produces a red Cloud. Because the Cloud is shifted forward 26 days, it also provides a glimpse of future support or resistance."
We are also above the cloud on the 6h chart and we are about to conquer it on the 8h chart.
- We need a strong close on the weekly candle, above $6550, to further support our bullish view and momentum.
A bullish signal doesn't mean that Bitcoin will go up, just like a bearish signal doesn't mean that Bitcoin will go down.
These signals are just that, signals. On top of the signal you need to take into consideration additional factors in order to try and understand what the charts are saying.
No signal, indicator, candle formation, news or event can predict the next movement of an asset. These signals are meant to point you in the right direction, but the market always knows best and can decide to go its own way.
So we look at many signals, many different ones and gauge their strength, based on the strength of these signals we can say if the asset, in this case Bitcoin, will either go up or down, yet, the market is the one to decide in the end.
So having many bullish signals improve the chances of Bitcoin going up.
While having many bearish signals improve the chances of Bitcoin going down.
But either one determines what Bitcoin does.
The market is always there, with its own live, just playing around.
I post these signals because they are coming from the charts and describe each individual signal for your learning and entertainment and also to support my view. But that doesn't mean that I know what will happen with Bitcoin. I am only sharing what the signals are trying to tell you.
That's why we look at many different signals, but they are not always right, they are not always correct. So with many different signals, the cloud, altcoins, candles, indicators, etc. We can strengthen our view of what might come next.
Looking at the 8 hours chart, I can see that Bitcoin will do another push up within the next 24-72 hours. This push up might take us straight into the $7,200 price range.
Here is the chart for your entertainment:
Thanks again for reading and all the positive comments.
Your support is highly appreciated.
"Bullish Reversal Pin Bar Formation
"In a bullish pin bar reversal setup, the pin bar’s tail points down because it shows rejection of lower prices or a level of support. This setup very often leads to a rise in price."
You be the judge, please let me know in the comments...
Here is the post, I want to know your opinion over there:
Thanks again for all the amazing comments, for and against, all are welcome and highly appreciated.
I am closing this trade idea with the following chart. Notice the red trend line, that's the one that needs to be broken for the next strong move up.
See you at our next Bitcoin update.
Enjoy your weekend.
Have a great weekend...
Here is the chart:
I will be posting a new update soon.
Thanks again for your support.
Just joking... Thanks for all of your funny charts.