zerocashcool
Long

BITCOIN: BUY; TD Sequential Bullish Countdown

KRAKEN:XBTUSD   XBT / USD
Buy: 3440
SL: 3100
T1: 4000
T2: 4400
RR: 1:1.9/3:19
XBT/USD 7H KRAKEN


Comment: Adjusting TP targets to align with candlestick resistance.

Comment:
^ 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.
Comment:
Order cancelled: Check out my new analysis. This is nothing in comparison. Short sighted.

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