Bitcoin continues with its bullish bias, and now a bullish accumulation pattern has formed on the 4H and Daily time frames. Take a look above...
Here is the description: "The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation."
Chart signals
MACD and RSI are both on a clear uptrend since early September.
Trading volume is decreasing, so the pattern is reaching a breakout point.
Two major trendlines to break to continue climbing up... Momentum is needed. We are looking at half week or around 5-6 October for results...
Support & Resistance
We have strong support at $6550. This support level has been holding strong for several days, but now it is being attacked. If this level doesn't hold, next support for Bitcoin can be found at $6500 followed by $6450. The next support sits at $6380. That's for the downside.
The next resistance has been sitting at $6660.
Targets If the above pattern breaks up, here are the targets:
$6,780
$7,000
$7,300
Altcoins Market Update
The altcoins market is really hot right now with coins generating 100%, 200%, 300% and even up to 500% profits in a matter of weeks or days, you can check my profile for some of these examples. But what does it mean?
Certainly the altcoins market follows Bitcoin, this is true, and we can't ignore this fact. So Bitcoin is on the uncertainty zone, so we shouldn't trade? No. Money is already being made. We can trade with a tight stop loss. Have a very low risk, but extremely high potential up.
Even though we can't know for sure if Bitcoin will really go up within the next two months, we know that the entire market is turning, a bottomed has formed for most altcoins.
According from what I am seeing from hundreds of different altcoins and charts, they will keep on moving bullish for weeks to come. My own personal feeling is that we will have a wave up for the altcoins market regardless what Bitcoin does... This is already happening.
What's your take on Bitcoin for the upcoming weeks? Why you believe so many altcoins are growing this much, this fast, and maintaining their price (think XRP, NANO, CHAT, etc.) before Bitcoin is out of the bear hands? Do some people know something we don't know?
BITCOIN WILL GO UP STRONG BEFORE THE END 2018.
Namaste.
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The ascending triangle on the daily time frame:
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Here is an example of what I am seeing, over and over, happen with the altcoins market. (Some people are saying that 300-800% profits potential is no longer possible; "the old days". This is actually happening right now and here is some proof". The altcoins market is alive and well.
This is Odyssey (OCN). A massive 440% increase in price in a total of 48 days after the August 14 low.
The breakout happened on the 11th September, so this run only took 20 days total... Here is the chart:
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Looks like we are about to push up...
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The ascending triangle we saw earlier is starting to fail. Bitcoin continues trading sideways within a narrow range. EMA100 (Around $6550) working as main support:
Here is how we are looking on the daily time frame:
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If we drop before the next push, I think we will bounce from $6450, or go all the way to $6390 (long wick) and bounce from there.
Here you can see a descending triangle. I marked the two support levels as this is a bearish pattern and also the resistance (target) if the pattern breaks up:
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We did go down as expected and bounced from $6467. The red trendline continues being the major resistance:
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The green trendline on the chart below is formed from the 14 August low, it is still holding the price. We didn't go as low as $6390 but we hit $6427, I believe we can go low another time before we can reach the end of this pattern (BTC hasn't been able to break and remain above the red trendline):
- There is another trendline (light green) which comes from the June low. This trendline can also come into play if we break the $6380 support.
- We wait until 5-6 October to see how the next move will go.
Thanks a lot for reading again.
Namaste.
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"The Spinning Top candlestick pattern has a single candle. It forms at the peak of an uptrend, the bottom of a downtrend, or in the middle of a trend. It can be a bearish or bullish candle.
"This pattern forms when there’s indecision among the buyers and sellers in the uptrend, downtrend, or sideways trend. The pattern suggests a possible change in trend."
Trade closed manually
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Thanks a lot for reading and for your continued support.
You can read additional Bitcoin (BTCUSD) updates, by clicking on the image below (likes and comments are highly appreciated):
We need to finish the correction pattern first (ABC) before we can go up again. That way the RSI can reset as well. After hitting 6340 we will go up again. Probably around 6880.
@roasterscoffee, same here, he has been a great counter indicator for me for about 7 months
Easy-Money
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I hope you're right cause I'm stuck in a XRP long lol. (liquidation at .00008187 is coming fast)
I'm loving your calls tho man! Great work.
I agree that we've formed a bottom. I doubt we'll go below 6k but we'll see. An altcoin run would be a great way to start the month!
AlanSantana
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@StallionMilkMan, Thanks for the comment... I think it will take just a few more days before we start to see some good volatility for Bitcoin.
Easy-Money
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@alanmasters, that wedge is definitely getting tight.
It's funny, right after I commented that my XRP was close to getting liquidated they came out with the xrapid announcement and it pumped 10% at 15x leverage.
Feels good when it all works out lol.
Good lucky buddy! This market is insane. You make some great calls!
khaled777
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We're not going to 7000 before we format it to 6300 or 6350 at least.