Bitcoin Bullish - Target 7K

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
95% Bullish due to:

Upward range now breakout
1D Pivot broken
1D Tenkan broken
5 EMA crossed 20 EMA on Daily
Bull flag forming on 15 minute
MACD crossed over Bullish

Long Entry is Now! Target $7K

Comment: Highlighted zones show ranging period before expansion. This is set to go off ~900-1000 points. Technical indicators have very bullish bias. Once we break the 23.6 Fib there is no real resistance until 7.7K. This is our target.

Comment: Tenkan Kijun Cross highlighted on daily via the green circle:

Comment: BULLISH UPDATE (one hour chart)

5/20 EMA Crossover
Tenkan /Kijun Cross
Above Ichimoku cloud
Break out of ranging zone
Harami Cross Candlestick (albeit low reliability pattern) on 5 hour

Comment: Ascending triangle looks set to incur 6th touch point. From here we either go up the height of the triangle or down the height of the triangle. Down sends us to 56xx which I can’t see happening.

Four hour chart Bullish indicators:

Trading above Ichimoku cloud
Tenkan / Kijun Cross
Ascending triangle pattern
5 EMA / 20 EMA cross
50 EMA / 100 EMA cross

Neutral Indicators:
RSI (has plenty of room for growth)
Aroon Up/Down
MACD almost oversold and looking to cross bearish

7400 first target
7589 second target (100 EMA on daily)
7800 ultimate target (this doesn’t mean we will get there in one hit)

Comment: We have had our 6th and final touch of the resistance of the triangle pattern.


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