While the daily action has been zero after the breakout, weekly is giving us several clear signals as to what might come next in the short term.
Please allow me a few minutes to entertain you while you hit LIKE… Let’s get started!
bitcoin Weekly Chart Analysis
- Last week closed with a green candle that completely engulfed the previous weekly yellow candle. This makes up the pattern (you can check the “related posts” for additional information on this pattern).
- We have the ADAM & EVE bottom formation, which I drew with some green arrows.
- The is showing a young crossover with the histogram turning in favor of the bulls.
- Price bounced (last week) before reaching MA200 (black line) which is a signal of strength. If were looking down now, it would at least challenge this , but it didn’t.
- On a break to the upside, can easily test EMA200 (orange line) sitting at $4141.8. In order to challenge this , EMA10 ($3905.5) needs to be broken first.
Conditions for change: If fails to follow up on the pattern and breaks down, you can expect it to first find support at $3405.3 followed by $3342.1 (BitFinex). These levels are marked by the last low and MA200.
My view: I believe that will break to the upside from late Wednesday to Saturday this week. There can be small retrace/correction before this happens with a 100/150 points swing. This can be seen on my XBT LONG trade chart:
If you have any questions, make sure to post them in the comments section below. Me or one of the many amazing Trading View users will happily reply.
Where do you think is headed next?
Share your thoughts and charts in the comments section below.
Remember to hit LIKE!
SET YOUR INTENTION
Before you go to work, think of great results.
Before you start to pray, see what comes ahead.
Before you call her up, visualize pure love.
Before you meditate, set your intentions straight.
Set your intention before you engage in any activity, physical or spiritual, it will improve and push the outcome of the event to your favor.
As long as you set your intention before your meditation.
Namaste.
Published at Wed, 13 Feb 2019 09:44:02 +0000