Bitcoin has made a jump from the .618 level of the channel to the .5 level. A 1000 dollar move. It was a hard knife catch and only the risk takers bought the dip at 9.1k. However yesterday, the Sequential gave a bottoming signal on the daily. This could have been taken as a buy signal along with the MACD looking good on the 4 hour and 1 hour, and the ichimoku breaking out of it's long forsaken resistance on the 1 hour. Currently, I do not by that the bottom has came in. I still believe we are going to the 8k's and 7k's this year. That doesn't mean we can't go to 11.5k first though. if bitcoin can break above 10,250. This might run up to 11k, 11.5k, and 12.5k as the most bullish scenario. I believe this because of multiple resistances in this area. Daily 20MA which has served as resistance will have been broken. The .5 level on the channel will have been broken. The ichimoku 4 hour cloud has already been broken, the daily ichimoku cloud will have been broken. The MACD MIGHT be trending upwards on the daily (it looks like it will be trending upwards if bitcoin went above 10.5k as of right now, but could change tomorrow) .Tomorrow, there could be a bullish trade on the daily with TD sequential with a green 2 over a green 1 above a red 9. Any price above 13.2k and I will be speculating new highs. Until price reaches 13.2k, I will not give up on my bear view. The over all structure just looks like it'll pop down in the end.
Aug 04
Comment: 11k and 11.5k targets reached