BitcoinLong
The longer game
BTC recent breakout is no coincidence to the levels market price broke out.
We seen a bounce from 2 vital supports the covid crash support trend highlighted in red with tag on chart and a vertical support that has been a key support and resistance line during this bull cycle, highlighted in blue and tagged in chart.
We also seen the 200 MA hold as support with BTC trading back above the 200 MA as I write this message, the 7 day MA now supporting the market price and arching back upwards, this is a typical pre pump movement and I speculate that BTC is about to start rising with the 7 DAY MA carrying BTC back up over the 200 EMA.
The MACD and RSI put in a bullish divergence and both are correlating to reversal formations and breakout showing the charts both highlighted.
Bollinger bands hit bottom some days ago around 10th December since then BTC has formed an arched bottom formation and currently pushing hard against middle Bollinger band. I speculate this is about to breakout above to confirm a new rising trend on a day chart. Bollinger bands are also contracting to extremes now another sign that is often followed by a break away move in Market price.
Pattern wise I reported early in week BTC just broke out of a bullish declining wedge formation
So in short here are the BULLISH SIGNS
bounce from 2 longer term support zones
Bounce from the 200 MA
Bullish divergence on MACD and RSI
A rounding bottom
Contracting Bollinger bands with a step rounded bottom
Market price sitting on the 7 day MA priming itself to be carried up with it.
Breakout of a bullish declining wedge formation
This speculation is a longer game and I feel we are possibly about to start the 3rd wave to a new ATH over the coming months.
We seen a bounce from 2 vital supports the covid crash support trend highlighted in red with tag on chart and a vertical support that has been a key support and resistance line during this bull cycle, highlighted in blue and tagged in chart.
We also seen the 200 MA hold as support with BTC trading back above the 200 MA as I write this message, the 7 day MA now supporting the market price and arching back upwards, this is a typical pre pump movement and I speculate that BTC is about to start rising with the 7 DAY MA carrying BTC back up over the 200 EMA.
The MACD and RSI put in a bullish divergence and both are correlating to reversal formations and breakout showing the charts both highlighted.
Bollinger bands hit bottom some days ago around 10th December since then BTC has formed an arched bottom formation and currently pushing hard against middle Bollinger band. I speculate this is about to breakout above to confirm a new rising trend on a day chart. Bollinger bands are also contracting to extremes now another sign that is often followed by a break away move in Market price.
Pattern wise I reported early in week BTC just broke out of a bullish declining wedge formation
So in short here are the BULLISH SIGNS
bounce from 2 longer term support zones
Bounce from the 200 MA
Bullish divergence on MACD and RSI
A rounding bottom
Contracting Bollinger bands with a step rounded bottom
Market price sitting on the 7 day MA priming itself to be carried up with it.
Breakout of a bullish declining wedge formation
This speculation is a longer game and I feel we are possibly about to start the 3rd wave to a new ATH over the coming months.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.