I want to start this off by saying i believe bitcoin already broke the channel resistance.
as you can see we tested 7800 and responded with an engulfing daily candle, this test was according to my chart and theory the retest of the channels overhead resistance.
To support my idea i have 2 indicators giving bullish signals:
-Stochastic
the stochastic on the daily broke up to the bullish control zone and is now getting a positive posture,
i believe closing anywhere near 8200 today will confirm this cross up.
-SAR (stop and reverse)
The SAR if you are familiar with it, is a indicator that uses dots, the weekly gave a Bullish signal.
Also a indicator which i am not very familiar with, the ichimoku cloud on the daily got a green twist,
as im not very know with this indicator and i cant really tell what this setup means i believe this is also a bullish signal.
So if this were to play out i would have targets from 9150 ( 200 SMA ) to 9500 ( latest top on the weekly)
I dont have any sort of clues after what would happen afterwards but if bitcoin were to get a close above 9500 on the weekly i will extend this target to 12000 over time and possibly higher.
as you can see we tested 7800 and responded with an engulfing daily candle, this test was according to my chart and theory the retest of the channels overhead resistance.
To support my idea i have 2 indicators giving bullish signals:
-Stochastic
the stochastic on the daily broke up to the bullish control zone and is now getting a positive posture,
i believe closing anywhere near 8200 today will confirm this cross up.
-SAR (stop and reverse)
The SAR if you are familiar with it, is a indicator that uses dots, the weekly gave a Bullish signal.
Also a indicator which i am not very familiar with, the ichimoku cloud on the daily got a green twist,
as im not very know with this indicator and i cant really tell what this setup means i believe this is also a bullish signal.
So if this were to play out i would have targets from 9150 ( 200 SMA ) to 9500 ( latest top on the weekly)
I dont have any sort of clues after what would happen afterwards but if bitcoin were to get a close above 9500 on the weekly i will extend this target to 12000 over time and possibly higher.
Trade active:
daily stochastic cross up, test of 8500-8700 up next
Trade active:
Hi, im giving a quick update here, we are currently around the 8500 level.
there are 2 scenarios wich could play out here:
Bullish scenario: closing an 1 hour candle around 7550-7600
Bearish scenario closing an 1 hour candle below 7400
since the price action is very volatile at the moment it is important to keep an eye on these levels. as the tilte of this idea is 9150-9500 we still have to be cautious because we are hitting major levels. I will say that i still think as long as we stay around this 8500 level there is room for another spike up to 8700-8800, from there we will see what happens.
there are 2 scenarios wich could play out here:
Bullish scenario: closing an 1 hour candle around 7550-7600
Bearish scenario closing an 1 hour candle below 7400
since the price action is very volatile at the moment it is important to keep an eye on these levels. as the tilte of this idea is 9150-9500 we still have to be cautious because we are hitting major levels. I will say that i still think as long as we stay around this 8500 level there is room for another spike up to 8700-8800, from there we will see what happens.
Comment:
Nice pumpy to 8700-8800, i am currently interested at relonging around 7400-7450