Bitcoin going up up up! 12600s projected (BTC)

Good day traders!

Welcome to this brief analysis of BTC . Bitcoin is doing very well, having recently broken through the negative trend line (red dotted line), it continues to go up up up! Having done so, it also created an Inverse Head and Shoulders pattern, which is a classic reversal sign. When a trend is happening and a reversal pattern forms, it's a good indication that the trend will reverse. It also gives us pretty good clues as to where the target is for the reversal.

To find the target, we measure the distance from the neck line to the tip of the head, and then take that same distance and extend it from the base of the neckline in the other direction. If what I just wrote makes no sense, just look at the picture: our target for BTC in this new trend is around 12600s.

There are no overt signs of Bitcoins trend going back negative at the moment. Our lagging indicator, the moving averages are looking hopeful too with the 50 EMA (pink) looking to cross the 200 EMA (blue). If this happens, I will feel even more confident of BTC going to hit the 12600s target.

Glad we all yelled at BTC to go up... maybe it worked?!

As always, stay healthy friends.
Comment: Message of the day: I wouldn't bail out yet. Prices don't go directly to the target(we aren't in a rocket ship people...heheh moon). There's almost always multiple small corrections and accumulations in-between. Check it out, BTC is still in the positive trend channel. Unless it drops to the 9100s or below, I wouldn't leave the party quite yet.

Comment: As I suspected, BTC did a short correction earlier and is off to the races again! This time breaking out of the TOP of the positive trend channel. I posted the 1 H chart to show more clearly how the trend line (black dotted diagonal line) is actually serving as SUPPORT now!! awesome!

Also make note of the indicators: RSI is still shooting up.. it's in the "overbought zone" but no worries as there is no signs of it slowing down. As for the ADX(indicator important for trend strength). It is at around 40, which is very strong. It looks like its heading down a little but on the 4 hour chart its still shooting upwards.

All in all, I still expect BTC to hit our target at 12600s. As I said before, it may hit some corrections in the meantime(just like in our last update). But these will be short-lived and unsustained. If I see anything otherwise I will be paged by the crypto-nurses at cryptoland general hospital and we can figure out a new plan from there!
Until then, stay healthy <3
Comment: Everyone was freaking out just about 12 hours ago when BTC started heading down a little.. I am still liking Bitcoin right now. Here's why: Hidden divergence. Hidden divergence is when there's a bull trend, there's a higher low on the chart, but a LOWER LOW on the RSI(or stoch among other cute oscillators). Now usually we talk about REGULAR divergence... this is where there's a higher high in a bull trend and a lower high on the RSI... See the difference between the two? In a bull trend, it depends on if your looking at highs or lows... Check my examples below for BTC.

Hidden Divergence(current case 4 hr chart):

Regular Divergence (In Bitcoin's, right before the trend reversal)... Remember when BTC was almost 20,000? Regular divergence happened and it reversed!

Stay healthy all!
If BTC makes a serious downturn I'll make more comments then. I'm going to ride it out for now.
Comment: Just to update you folks before I head in for the night: BTC went up by almost 1,000!!! When I called the hidden divergence as a bullish sign (check the previous update), price was at around 10,700s. Now currently at 11,500s.

I will write a better update tomorrow but until then, I wouldn't watch ;) ...
and just let it go up some more. I STILL expect some more corrections before the 12600 is hit as I said. But for now, things are looking good!

Comment: Before I head to bed: BTC had a crazy day today! Up and down she went! But BTC got caught up on one vital resistance: 11800s. Check out the 4 hr chart below from about a month ago and you'll see just how strong this level is.

I think BTC will have its chance very soon to come back at this level. I don't think it will drop much more from now until it does. Hopefully this time BTC will be armed with enough of a bull squad to over-come it. We shall see!

Until then, Don't watch !
Trade closed: stop reached: Hello traders. Experts often say that technical analysis is only good in "normal market conditions"... well what the hell does that mean in cryptoland?!?!

Regardless, I think I'm going to pull out of BTC for the time being. The target of 12600s was not met, but I believe it will get there eventually. I would personally rather make my profits on all the swings though.
See the 4 hr chart below. It shows all indicators turning bearish:
-Negative divergence on RSI.
-MACD crossover and diving down towards 0
-moving averages starting to turn downwards

Some may say it's a little early to pull out... Well, I would rather take my 20% profits instead of being greedy and waiting longer for more. We had a good bull run for a bit there, but I think one more big dip may be required.

I'll update with another idea in time.

Good luck out there friends. <3
On the day before yesterday the daily candle is a "shooting star". I'm going short too. Thank you for your diagnose, and please, let us know when you jump back in.
@Tubeman, That's an awesome catch! I love using candles formations too. Interesting to see that the shooting star candle lines up when the first signs of the negative divergence showed up on the 4 hr chart as well(on 19FEB as you referred to). Thank you for your comment and I most definitely will let you know when I'm thinking of jumping back in.
hi, I read this, really great! I am following you now. Thanks for the analysis
@Fiyi77, No problem! Thank you for taking the time out of your day to check it out!

Good luck!
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