Long

Everything is in its place, let's go!

Updated

Bears have run out of steam. I do not think that we will make it to a new ATH this year, however, I do believe that we start on the path towards an eventual ATH at this very moment. If we fall from here, a fast fall down to 2k would be more preferable in terms of ability to recover. Over the next week or so, Bitcoin will have to overcome a number of different lines of resistance, back to back to back. Bitcoin's been pushed into a corner, and even with the lack of power from the bears, the bulls will have to come out swinging. Williams %R has read oversold for about a week, a lagging indicator signaling a significant trend reversal on the daily chart. Same goes for the RSI which operates under similar principles. Aside from this, from a classical charting perspective, Bitcoin is in a descending wedge, two of them in fact. A successful breakout from both should ensure that, at a minimum, it reaches the top of the middle peak, at around 12-14k.

Note

A golden cross, if the bulls prevail, is imminent.

Note

We're close to breaking out of a descending triangle (not shown on the original chart). Breakout should take place around 7550, and target would be 7800ish. Probably a little lower than that, closer to 7775. There, we can expect to either wait around for a few hours to few days to breakout of the blue triangle pictured above OR drop a bit and hit the top of the descending triangle.

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MACD bullish cross to coincide with 50 cross over 100 or the Golden Cross.

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fasten your seatbelts...

ckim802

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