Bullish crossover on the daily, bullish pennant on the 4H
Updated
Bitfinex: Another bullish signal that BTCUSD will be going up very soon. On the daily chart we are about to have an upwards cross of the MA7 and MA20 moving averages. As you can see in the circled areas, each time this cross has been followed with a significant price rise. BTC should retest MA200 at around $7200. The bear market is not over until there is a daily candle close above MA200.
We also have a bullish pennant forming on the 4 hour chart. Looks like a breakout is imminent. Hopefully to the upside. Stochastics show oversold but RSI can still go either way so tread carefully. My target remains $7150.
We also have a bullish pennant forming on the 4 hour chart. Looks like a breakout is imminent. Hopefully to the upside. Stochastics show oversold but RSI can still go either way so tread carefully. My target remains $7150.
Note
We have just had a very bullish crossover between MA7 and MA20 on the btcusdt 1D chart. This has also occurred on the other btcusd charts. Low volume on the drop which means bears are not in control since there is minimal btc selling pressure. RSI has not dropped below center point yet so expecting the uptrend to continue. The bullish pennant on the 4H is still bullish since it's now forming a falling wedge. Watch for the break out within the next few days. The usdusdt premium between exchanges is also now closing in as predicted.Note
Btcusd has just had a MA50 and MA100 crossover on the 4H chart. There should be a slight retest of new support around $6500 but target still active for $7150 with a possible extension to $7350. MACD has also crossed to the upside so things are looking bullish at least in the short term. Trade active
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