DSchutz

BTC - Potentially Bullish Setup

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Potentially bullish setup in BTC

-Coming off a minor (2 month) break of trend
-Tested and found support near flash low of 2/6/18 near 5,800
-Rounding bottom/ inverse head and shoulders near support

If BTC can get a strong close (full bodied marubozu , no bull trap) above recent tops which are nearest resistance (6,800 to 6,843), then I believe we may see a surge up to around 7,700 (along upward sloping trendline of previous support, now resistance)
Comment: Things shaping up for bullish breakout. If we can hold strong on the daily close, original price target near 7,700 very attainable
Comment: Currently hovering around 7,300 (+9.5% on daily), assuming this doesn't all come crashing down, then I believe it will validate my previous notes regarding the inverse head and shoulders/rounding bottom near support, and should be indicative of bullish, constructive price action
Comment: As expected, we saw price action up towards our target around 7,700 which marked a natural reversal point, as we met resistance along the upward sloping trend line from February. Now we may see a cooling off period, or a retest of the original breakout juncture around 6,843. If we see a retest of that prior breakout and there is support, with price action reversing upwards and resumption higher, the next level to watch for will be a break of the 7,600 to 7,700 level, between the tops of early June and our top from today.
Comment: Forgot to attach chart to previous update. Looking for something along these lines:

Comments

Your confidence in these charts is outstanding.
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