XBT/USD 7H KRAKEN
^ The following factors make me think that we'll see a bullish breakout of XBT/USD within the next 12+ hours:
- Tom DeMark's Sequential indicator has two phases: setup and countdown. The bullish setup phase began at the great bearish move and ended below the Pitchfork center line, snapping back above the center line with a Morning Star bullish reversal pattern at the start of the bullish countdown phase.
- We are now waiting for the final count, 13, of the Bullish countdown, which is supposed to be where Bearish momentum has exhausted itself and Bullish momentum takes force.
- Using Pitchfork theory, a breakout here will propel price away from the center line and towards the upper (blue) zone. This would constitute a breakout of the following resistance areas: MA 12, Tenkan, and Kijun of Ichimoku - All that to say that those areas should provide ample support for more bullish attempts.
- Assuming all this occurs, there is a twist in the Kumo which allows for an easy breakout above the 3950 resistance area.
- We are at the strong support of a Bullish Engulfing Pattern which has held for 19 days.
- RSI shows that the price was oversold when it broken below Bullish Engulfing Pattern support.
- MACD shows that a change from bearish to bullish momentum is at the point of decision now.
- ADX shows that we are in a trading range and momentum is increasing (to change the trend).
- Awesome Oscillator is awesome and oscillating in a clearly bullish direction.