BitcoinLong
Bitcoin/US Dollar - Uptrend In Scope
Updated
We at CryptoPro want to present our in depth analysis on Bitcoin and why we thing it's heading to $8,000 first and then beyond. This is purely technical analysis. With access to insider information, we believe Bitcoin will be surpassing a key price point before the year ends. Now let's explain the charts.
We have 5 time frames we'll be analysing Bitcoin from to better highlight why we believe there is an upcoming reversal and bull run. The time frames are the Weekly, Daily, 12 Hour, 4 Hour, and 30 Minutes. As you can see from above, we'll begin with the weekly time frame and go lower in that order.
WEEKLY TIME FRAME
Right from 18th of December our mega downtrend began. Bulls came into the market 3 weeks later to continue the uptrend but #bears were stronger and after hitting $17,000 we had a confirmation of the sell-off. The RSI around that time showed a double top over bought and we finally dropped. This came with not being able to stay above the RSI 70 mark so starting from 1st January we had confirmation of downtrend.
Now when we look at the chart we can see the 3 falling wedges that has brought Bitcoin to the current price level. One thing of interest is that the wedges get shorter and flatter at the end of every dip. This indicates how Bitcoin is on the weekly carving a bottom at support levels of $5500 to $5800. The same thing goes for volume, volume is flattening out and since we're in a downtrend now, it means the general sell-off is more near. Bears will be exhausted very soon and then a full blown out reversal will begin.
After 4 weeks of inner-uptrend to $10,000, we began our 3rd downtrend that activated our 3rd falling wedge. Mostly on the 3rd count of a downfall, there is a good rise to more heights. This caused a breakout of the 3rd falling wedge but resistance at $6800 held strongly and pushed price back down but we believe this is just a limited continuation of the sell-off that will complete the exhaustion of bears because as you can see the RSI broke upward but couldn't sustain itself and we'll be expecting it to bounce off the line as it's almost near 40. One important thing to note is that if we end the week on a close at around $9,000 it'll create a bullish engulfing but a close below $6,262 will create a bearish engulfing. We'll see a more clear picture on the daily time frame to confirm we'll still be moving to the upside.
Note
DAILY TIME FRAME
Now on the daily time frame we see things more clearly. Just as stated in the weekly analysis, we can see the 3 falling wedges and how they get shorter and more importantly flatter as time goes on, we've already explained that.
Let's look at the RSI. In our weekly chart we mentioned how the low breakout happened on the RSI and expecting a bounce. On the daily time frame we can see that in progress as the bounce has began. We can see that the over sold point of 7th December 2017 is still a resistance at it lines up with the buying point of when we reached $10,000 on 6th May 2018. As this channel is broken upward on the RSI, we'll see more buying pressure and it looks like that will happen. We can also see a bullish divergence on the MACD which confirms an upside movement.
Taking a look at the main chart we see another trendline drawn across from 20th January 2018 to 7th May 2018. This trendline hasn't been spotted by many but it's a vital line that needs to be broken to signal a reversal. The time in which this line will be broken will determine at which price point it will happen. If we break $6650 today (11th July, 2018), then we could possibly see $8,000 being the price point this trendline breakout will happen. We'll keep eyes on this line. So our breakout from the 3rd falling wedge wasn't as strong as other previous ones but that is totally understandable because the sell-off seems to still be in place but that should end soon.
Note
12 HOUR TIME FRAME
The 12 hour time frame was selected to show more of the daily time frame, especially the MACD. We can see a "resistance" at 500 on the MACD. We need to keep an eye on this one for future reference. If this is broken to the upside then we may have similar movements like we did from November to December.
Note
4 HOUR TIME FRAME
With 4 hour time frame we spot a new development. We now see a channel activated and made visible by the the recent dump. This channel is acknowledged by us because of the support around $6,200 to $6260. If this trend line support holds, we'll have momentum to rally to our imminent targets of $6,650 - $6,800 and then to $8,000.
Note
30 MINUTES TIME FRAME
The 30 minutes time frame is good for tracking the inner progress of price movements. Our preferred time frames are daily and 30 minutes, and then sometimes 4 hour.
Our 30 minute chart currently puts resistance at $6400 that BTC needs to break in order to bring relief to the market about the recent dip. Imminent support is at $6250 and $6300 and this should hold to inspire momentum to the upside.
VERDICT
Our verdict is that we're expecting higher prices soon and more market participants. When everyone thinks it's the end, that's when we have huge overturns. The bottom has already being realized at $5,500 to $5,800 as we stated in our analysis on June 30th. Is it possible we'll move even lower? Yes it is but we see more upside than downside.
Many altcoins have retraced almost 100%. Some will never rise 50% up in a bull run and some will rise over 100% in the next bull run. This is the time to accumulate these alts. There are some things we don't share with everyone but I can tell you this. You have no idea the amount of preparation going on behind the scenes with institutions and even governments about entering into cryptocurrency. Why would I and my team be here if that weren't true. The stock market will be challenged in the next 5 years.
Most people in cryptocurrecies don't even know what they are doing. This is a huge investment platform at 5% of its growth. Bitcoin will be placed on a very high pinnacle and then more focus will go into altcoins. The projects with venture capital backing, prominent individual backing, and giant company backing. People are joking now. Almost everyone is
I'll be addressing the recent application submitted by CBEO to the SEC about allowing Bitcoin ETF soon and highlight some vital reasons approving the application on August 10th will change the crypto space. Oh and $20,000 is not a high price for these big guys to buy Bitcoin
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