Bitcoin Weekly Is Revealing (Bullish Engulfing)

Bitcoin Weekly Is Revealing (Bullish Engulfing)

While the daily action has been zero after the bullish breakout, bitcoin weekly is giving us several clear signals as to what might come next in the short term.

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bitcoin Weekly Chart Analysis

• Last week bitcoin closed with a green candle that completely engulfed the previous weekly yellow candle. This makes up the bullish engulfing 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 MACD is showing a young bullish 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 bitcoin were looking down now, it would at least challenge this resistance level , but it didn’t.
• On a break to the upside, bitcoin can easily test EMA200 (orange line) sitting at $4141.8. In order to challenge this resistance level , EMA10 ($3905.5) needs to be broken first.

Conditions for change: If bitcoin fails to follow up on the bullish engulfing 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 bitcoin 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 bitcoin is headed next?

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Published at Wed, 13 Feb 2019 09:44:02 +0000