Hello all, indicators currently showing potential of an up move in BTC. We have had 5 weeks above the weekly Ichimoku cloud, the more time we spend above it the more likely we will see a rise in price. The Bollinger bands are not drastically compressed, which indicates we may not see an extreme movement all at once, however there is plenty of room to grow into the low 10,XXX price area before reaching the upper limits to consolidate for further up move. BTC is trading above the 200 MA showing strength, however there is always a potential we will revisit it again, but I am not betting on it, would be too easy and greedy to expect we will see those levels again. There are several ways to draw the descending trend line from the $20,000 high price in 2017, I have chosen a line that I believe encompasses the most relevant touches of wicks and bodies, that line is in Green. We have clearly found break out support with a successful back test of the Green trend line, almost 6 weeks of time straddling or trading above the trend line showing strength. The RSI has room to move up to the the 70 area, and is currently curling upwards. The weekly candles are trading inside a potential bear flag (black lines) that should be noted, however with BTC there are many instances of this pattern breaking to the upside or morphing into another continuation pattern. The OBV indicator is suggesting strong buying pressure now which is an additional bullish clue to take into account. BTC 4 hour chart just completed a cup and handle break out and trend line break out/back test as well as crossing and holding above the 4hr MA200 line, adding to the bullish case. The Pandemic seems to be slowing down, at least the amount of daily deaths (depending on what news you watch) people are not in an apocalyptic doom and gloom mood like a few months ago which should lead to more investment in speculative assets, also US job numbers showing strength = more money for people to speculate with + many European areas opening back up. Couple all of this with the drastic reduction in BTC supply due to the recent halving and we have a recipe for the start of the next bull wave. Take profit levels are the 3 YELLOW lines if looking for a swing trade. If we close below the green trend line and the Ichimoku cloud I will average in again at the 3 dark blue lines in anticipation of it being a bear trap with a dramatic wick down and potential last MA200 test. This is not trading/investment advise.
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4 hr chart here
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TP 1 level has been hit, BTC setting up a very nice large cup and handle (also a head and shoulders depending on which you prefer) with this recent spike to 10,800. If the neck holds we should be off to the races for a bit.
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TP 2 has been hit, expecting a pull back here but certain metrics showing we may keep rising instead.