BTCUSDT
continues to move higher after a strong bounce at previously tested support. I shared a 4hr chart last weekend, and we can see here the daily chart is now demonstrating some of the same bullish patterns. We have the PPO above the chart attempting to break over the midline and the consolidation trendline it has been stuck under for all of 2018, while the VZO-PZO begins to break bullish over the consolidation line today (a live candle, so may close higher or lower). My next bullish target for BTC is 7k, or the 50ma on the daily. We can also see the ADX-DI green/bullish line is about to break over the 20 horizontal as the red bearish and white trend strength line retreats sharply, signaling a change in momentum and an attempted return to equilibrium. Volume is perfect for a reversal with building bullish volume and only light selling on gentle pullbacks (for crypto). This is a bullish chart; don't be stubborn with shorts. If you shorted in the hole, cover on any dip. I expect strong resistance in the red zone on the chart above, as we have multiple moving averages to contend with. Continuation to the 7k-8k area and sideways for the rest of the summer makes the most sense to me, and would probably be the most healthy action for bulls. I'm continuing to load on dips and trailing a deep stop, both to BTC as well as alt-coins, which could have an exceptional 2018 imo. Don't bother with new short entries unless we see a decisive fail. The bullish reversal is confirmed. We will likely see the same pattern on the weekly chart a week from today.
