Bitcoin: Bullish on All Timeframes
This is Sunday evening and it is time for a Bitcoin TA. I will go accross multiple timeframes starting from 1W down to the 2H.
On the monthly timeframe, we can look back to 2020. As of 2021, we experienced this year a 7 months in a row uptrend until March, after which holders have been struggling since.
However, this cycle looks different, because price has been holding and accumulating in the upper area (78%) of the fibonnaci retracements.
This month will close soon, and price should close above the exponential moving averages and print a long lower shadow candle pattern, if things continue like this.
The volume profile is in sync with the fibonacci retracements, indicating key support levels at 58 800, 47 000, 38 800.
On the weekly timeframe, a gigantic cup and handle is forming.
The key resistance to break is at 70 000, and the pattern target would be 126 000.
Moving averages remain bullish and the 50 MA made support in the first week of august.
On the daily timeframe, we can see an increase in trading volume.
A death Cross between MA 50 and MA 200 happened on August 10th but at such a low angle (1.36) that it was not really significant.
Today, price is trading above both MAs and remains bullish.
The 4 hours timeframe is showing clear higher lows and higher highs, both on price and RSI.
The parabolic SAR circles are mainly green than red indicating bullish action.
The 2 hours timeframe is plotting a Bullish Pennant, with a target at 69 000.
The Bollinger Bands are indicating that a breakout is likely to happen soon, followed by a big move in price.
On the monthly timeframe, we can look back to 2020. As of 2021, we experienced this year a 7 months in a row uptrend until March, after which holders have been struggling since.
However, this cycle looks different, because price has been holding and accumulating in the upper area (78%) of the fibonnaci retracements.
This month will close soon, and price should close above the exponential moving averages and print a long lower shadow candle pattern, if things continue like this.
The volume profile is in sync with the fibonacci retracements, indicating key support levels at 58 800, 47 000, 38 800.
On the weekly timeframe, a gigantic cup and handle is forming.
The key resistance to break is at 70 000, and the pattern target would be 126 000.
Moving averages remain bullish and the 50 MA made support in the first week of august.
On the daily timeframe, we can see an increase in trading volume.
A death Cross between MA 50 and MA 200 happened on August 10th but at such a low angle (1.36) that it was not really significant.
Today, price is trading above both MAs and remains bullish.
The 4 hours timeframe is showing clear higher lows and higher highs, both on price and RSI.
The parabolic SAR circles are mainly green than red indicating bullish action.
The 2 hours timeframe is plotting a Bullish Pennant, with a target at 69 000.
The Bollinger Bands are indicating that a breakout is likely to happen soon, followed by a big move in price.
Note
Another Weekly view:
Price reaching middle band of Ascending channel on the log chart.
Dollar Index Inverse Correlation:
DXY breaking down would be good news for Bitcoin.
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