BREAKOUT ALERT: The Next Major Target for Bitcoin

BITTREX:BTCUSDT   Bitcoin / Tether
In my opinion, Bitcoin is ready for a breakout to the upside! Here's why.

On the daily time frame, BTC has formed a bullish pennant , an inverse head and shoulders , and, a golden cross has occurred between the 50 and 200 day volume weighted moving averages.

Notice how the blue support has held since $2,918. The price has respected that support four times.

A bullish breakout will happen if and only if these conditions are satisfied:

1. The 50 day VWMA continues its ascent above the 200 day

2. The price breaks the downtrend line and finds support above it

3. The price finds support above the 50 and 200 day VWMA's

The first target is the .618 Fibonacci level near $18,000. The max target is the 1.236 Fib extension.

Finally, this idea is automatically invalid if the price violently breaks the blue support.

These are my own ideas. Please do not construe this post as investment advice.

Comment: The weekly and monthly stochastic RSI have reset and are in the oversold zone. Confirmation of a bullish breakout occurs when the blue line crosses the orange and the blue moves above 20.

Comment: False idea! Back to a minimum of $6,000
Comment: Then again, this idea seems to be on the right track. A clever bear trap by the whales to break blue support.
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