The Bitcoin monthly chart remains 100% bullish. So we will keep this analysis simple and quick... Follow me...
Bitcoin Monthly Chart
The chart for Bitcoin (BTCUSD) is 100% bullish. Green candle after green candle for the past four months.
Volume is still low, no significant increase on BitFinex, but this can be taken in more than one way. We can see it as low volume and not enough confirmation of the last bullish move. Or we can say that we are just getting started and volume will come in when $10,000 is reached.
The TD Sequential is at +3. This only confirms the bullish chart that we can clearly see. These counts can reach up to 9 and higher, up to 13.
The MACD is clearly moving in favor of the bulls:
The RSI is on the bullish zone (above 50) for the first time since October 2018. It hit an all-time low on January 2019. Down trendline broken; plenty of room left for growth:
Chart:
Targets/resistance levels are marked with dashed green arrows.
Support levels are marked with MA lines (dark blue and green).
Conditions for change: If Bitcoin (BTCUSD) closes below EMA10, the above chart and drawings become invalid and a new analysis is needed. Here we are looking at the bullish side. If certain support levels are broken, the bearish side takes the lead and we would need a new analysis to look at it.
You can find our previous Bitcoin analysis on the daily time frame by clicking on the image below, always remember to hit like for support:
Thanks a lot for reading.
Namaste.
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