BITCOIN IS A BULL (All Targets Reached!) - $7850-$8000 Next!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin continues moving up, just as the candlesticks on the charts, all of the signals and indicators continue to tell us and more signals are developing that support a bullish view for Bitcoin and additional bullish action.

Let's take a quick look at some of those for our own learning and entertainment.

- Today we have really good volume and it is pretty early in the day. Which points to additional bullish action. Good green volume is good for bulls. Good red volume is good for bears. You can see the volume bars on the lower end of the main chart.

- We took down all of our targets from our last update, the last one being ~$7500, which we hit and retraced. Next target is $7550, $7850 and $8000. We need to break above EMA200 and SMA200 (brown and yellow lines on the chart) and close above it to signal additional strength.

- We continue trading in an small uptrend within an ascending channel .

- We have strong support marked by the purple line which is EMA500.

- The MACD is now on the bullish side and RSI is over 60 now, also bullish .

Weekly chart:
- The weekly chart also looks good. Weekly candle closes today. We need a close above $7300 for good strength but we still continue bullish if we close below it. Plenty of room available for growth showng by the indicators on the weekly chart.

Monthly chart: We closed the month with a bullish hammer candlestick . You can see my chart about it here:
In all, Bitcoin continues doing great. There are many bullish signals developing, I will keep you updated if Bitcoin decides to change trend.


Thanks a lot for reading.

Comment: Previous analysis:

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Comment: Volume profile for Bitcoin (BTCUSD). Weekly time frame:
Comment: We continue on our ascending channel. Short term resistance at $7,370.

- Going up but needs more strength...
- Don't like the big red volume bar there, some early bearish signals developing... Bearish divergence on both MACD and RSI.
Comment: Good close on the weekly, $7,300. Let's see what the week has in store for us. I see sideways bearish for the very short term. After the mid of the week we can have a better idea as to how things will like for us.

Here is the chart:

We are looking pretty solid on the daily time frame. We can expect some type of retrace coming...
Comment: The Bittrex altcoins are shinning now. I am seeing altcoins with 60%+ gains, as well as others with 40%+ in a single day. These are not numbers we see when a wave down is coming, this normally happens when we are about to see a strong wave up, what's your take?

Binance coins are also moving up strong when they do move up, take a look at Holo (HOTBTC):

Please share your thoughts in the comments section...

Comment: Bitcoin holding nicely... We are lacking momentum on the move up but the bears are definitely lacking strength on the push down...

Bitcoin long term (weekly time frame):
Comment: Check the weekly volume for the following exchanges/currencies:


BTCKRW (Huge increase) -

BTCUSD (Same volume on Coinbase):

BTCUSD (Less volume Bitfinex):

Looks like Korea is really gaining interest in Bitcoin lately... And USA is having its doubts!

What's your take on Korean volumen?
Check the comments section below...
Comment: Check this one out... Looks pretty good:

Thanks @jacobcanfield for sharing.
Comment: Bitcoin isn't shying away... It doesn't want to retrace and it is forcing its way up basically. Let's see how this develops as we were expecting action after mid week...
Comment: If you click on "Play" on the main chart above, you can see that we are facing some strong resistance, that's the green dotted line I have drawn there.

Soon we will have a deciding moment... Will we be able to break it or go down for a retrace?

1) If we break it, we move up and continue to our next support.

2) If we get rejected, we go back and test our main support. Since we are likely to retrace before breaking this line, the goal is to create a higher low. From there Bitcoin can gain enough strength, to come back and challenge this trendline once more...

Your opinion is always welcome in the comments section below...

Comment: Finally... We see some action:

Comment: The deciding moment came and we went for scenario #2...

Price found support around EMA50:

- Will be good to see how the altcoins will react to this Bitcoin drop. Will they go down for new lows or create a higher low? I am going for the higher low, what about you?
Comment: Amazing drop...

I have to admit I am surprised but pleased in a way. The harder it goes down, the faster it comes back up... Namaste.
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So, where's the bull with 7800, Alan? Just saying that calling for 7800 from those levels was absolutely careless. MFI was already in the overbought on daily. Not sure how you make the calls, but there's an opportunity for you to save people from getting rekt following your hyped calls. Just be more... realistic.
@leoa451, It is just the title. Read the complete trade idea. Views are updated as prices change.
@leoa451, yup
Yeh, its nice to get some movement, Autumn has arrived :)
lower low
+1 Reply
alanmasters TheDudeForex
@TheDudeForex, $5858, below that we have a lower low...
TheDudeForex alanmasters
@alanmasters, - Will be good to see how the altcoins will react to this Bitcoin drop. Will they go down for new lows or create a higher low? I am going for the higher low, what about you?

Answer on this question;)
This feels a bit like a suckers rally,no fundamental backup for a bull run and moving up slowly with small volume.
TheDudeForex TheDudeForex
@TheDudeForex, hope I'm wrong
good analysis Alan but I think we should not at all in optimistic by this chart:
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