$BTC Full Breakout IMMINENT (What to Watch!) $ETH $LTC $XRP $XLM
BTC has been giving signals ever since yesterday mid day. Currently trading above the highest resistance trendline constructed from prior monster run to 20k area Coinbase. Above the 17.5k area I am expecting massive follow through to the upside as traders jump in with bullish confirmation.
Indicators
1. MACD - 4 Hour and Daily have crossed to the upside, signaling confirmation
2. RSI - Broke the downtrend on the long frame and is now trending upwards
3. OBV - Showing early signs of potential massive bullish divergence
4. BBands - Currently trading outside the range on smaller timeframes, signaling strength
5. Fibs - Trading above the 50% retracement area, signaling this past period is most likely consolidation and now we will try higher
So here's my personal thoughts one degree further than what the charts are saying..
If BTC 5.54% has a 4 hour close above the 17.5k range then the head and shoulders on the long frame is negated and that is an extremely strong signal of strength. I would be leaning towards big time upside here on a blue sky breakout. Fib extensions say 23k to 25k 0.61% is likely, we could see higher 20s if the herd chases this like they did during the last blow off.
What does this mean for Alts?
I believe we saw the first signal that the current alt party is over yesterday.. key reversals on the daily for the former strong names such as XLM -1.87% and XRP are the canary in the coalmine. It will be incredibly difficult for alts, even the strongs, to keep pace with BTC 5.54% when BTC 5.54% is running by $1000s in a short period of time. If you trade alts vs USD you might have some saving grace and it does look like LTC has some positive correlation with BTC 5.54% so it could benefit from a run although a full on breakout above 17.5k I wouldn't trust any alt.
All in all, the signals were slapping everyone in the face yesterday, be careful.
Todays daily candle is trading above yesterdays, strong signal for a good long play here. Daily RSI has broken the downtrend and price is above the magic 16.5k number which makes me heavily lean towards a push toward former high soon. We could have a pullback to the breakout area of around 15.8k area first but let's look at a smaller timeframe first to gain some perspective..
Excellent volume on the breakout from yesterday morning, excellent follow through by bulls taking us above 16.5k and even to 17k. Very very strong.
The 15 min is currently trading above my resistance trend line but this is NOT confirmation until we get at least an hourly close above that area, 2 hour and 4 hour would be better as this can still retrace back to the breakout point.
Overall, leaning up here. Fib extensions say we could end up around 24 to 25k area although this is never an exact thing. just something I keep in the back of my mind as this overall move looks strong to me.
Not financial advice, just sharing my thoughts this morning.
Indicators
1. MACD - 4 Hour and Daily have crossed to the upside, signaling confirmation
2. RSI - Broke the downtrend on the long frame and is now trending upwards
3. OBV - Showing early signs of potential massive bullish divergence
4. BBands - Currently trading outside the range on smaller timeframes, signaling strength
5. Fibs - Trading above the 50% retracement area, signaling this past period is most likely consolidation and now we will try higher
So here's my personal thoughts one degree further than what the charts are saying..
If BTC 5.54% has a 4 hour close above the 17.5k range then the head and shoulders on the long frame is negated and that is an extremely strong signal of strength. I would be leaning towards big time upside here on a blue sky breakout. Fib extensions say 23k to 25k 0.61% is likely, we could see higher 20s if the herd chases this like they did during the last blow off.
What does this mean for Alts?
I believe we saw the first signal that the current alt party is over yesterday.. key reversals on the daily for the former strong names such as XLM -1.87% and XRP are the canary in the coalmine. It will be incredibly difficult for alts, even the strongs, to keep pace with BTC 5.54% when BTC 5.54% is running by $1000s in a short period of time. If you trade alts vs USD you might have some saving grace and it does look like LTC has some positive correlation with BTC 5.54% so it could benefit from a run although a full on breakout above 17.5k I wouldn't trust any alt.
All in all, the signals were slapping everyone in the face yesterday, be careful.
Todays daily candle is trading above yesterdays, strong signal for a good long play here. Daily RSI has broken the downtrend and price is above the magic 16.5k number which makes me heavily lean towards a push toward former high soon. We could have a pullback to the breakout area of around 15.8k area first but let's look at a smaller timeframe first to gain some perspective..
Excellent volume on the breakout from yesterday morning, excellent follow through by bulls taking us above 16.5k and even to 17k. Very very strong.
The 15 min is currently trading above my resistance trend line but this is NOT confirmation until we get at least an hourly close above that area, 2 hour and 4 hour would be better as this can still retrace back to the breakout point.
Overall, leaning up here. Fib extensions say we could end up around 24 to 25k area although this is never an exact thing. just something I keep in the back of my mind as this overall move looks strong to me.
Not financial advice, just sharing my thoughts this morning.