Bitcoin: Bullish Accumulation (Again..)
Hello friends, I want to discuss bitcoin and what I think is happening based off technical analysis.
Above we have the 12 hour chart with a few different boxes and lines drawn.
It looks like we are in yet another bullish accumulation pattern jut like the previous one at $8,900 to $9,500. That accumulation pattern brought us all the way up here to the current region we have been trading in around $10,250 to $11,300.
Price has been making higher lows here on smaller time frames and no dumps have had any significant follow through.
Higher time frames are all bullish and want to push higher.
Targets: (red box)
1.) $12,250 (green vertical line)
2.) $12,550 (blue vertical line)
Resistance:
$11,300 to $11,700 (blue box)
I have two targets here to discuss, the first one is the smaller one based on the current accumulation pattern by simply taking the top of the pattern to the bottom ($11,250 to $10,250) and extrapolating that from the highest price in the region (from $11,250) and that puts us around $12,250 for the first target.
The second target is the bull flag from the previous breakout, I measured this from the top of the current rally to the bottom of the accumulation from 9k ($8,800 to $11,250) and extrapolating that from the lowest price in the region (from $10,250) and that puts us around $12,550.
As you can see these are clonfluent in the mid $12,000 region.. as the numbers get larger we need zones rather than specific price points. There is also confluence with the support from the immediate 20k dump when it found support around mid $12,000 level.
If we can get past $11,300 to $11,700 range then these targets won’t be too far away, as there is little to no resistance along the way.
If Bitcoin gets up to these levels and starts messing around closing daily, 2 day, 3 day and weekly bars up there then not much stopping it from $13,000 to $14,000 and beyond really.
Shorts are continuing to pile on ever since $8,000 and there is an imbalance between the shorts and the longs favoring the shorts. This will continue to drive prices higher in my opinion, I think we are setting up for a perfect storm here.
To bring up the other side of things: (green box)
If we can’t break resistance above $11,300 then I see us reaccumulating down to $10,000 to mid $9,000’s then a bounce back to test $11,300
Above we have the 12 hour chart with a few different boxes and lines drawn.
It looks like we are in yet another bullish accumulation pattern jut like the previous one at $8,900 to $9,500. That accumulation pattern brought us all the way up here to the current region we have been trading in around $10,250 to $11,300.
Price has been making higher lows here on smaller time frames and no dumps have had any significant follow through.
Higher time frames are all bullish and want to push higher.
Targets: (red box)
1.) $12,250 (green vertical line)
2.) $12,550 (blue vertical line)
Resistance:
$11,300 to $11,700 (blue box)
I have two targets here to discuss, the first one is the smaller one based on the current accumulation pattern by simply taking the top of the pattern to the bottom ($11,250 to $10,250) and extrapolating that from the highest price in the region (from $11,250) and that puts us around $12,250 for the first target.
The second target is the bull flag from the previous breakout, I measured this from the top of the current rally to the bottom of the accumulation from 9k ($8,800 to $11,250) and extrapolating that from the lowest price in the region (from $10,250) and that puts us around $12,550.
As you can see these are clonfluent in the mid $12,000 region.. as the numbers get larger we need zones rather than specific price points. There is also confluence with the support from the immediate 20k dump when it found support around mid $12,000 level.
If we can get past $11,300 to $11,700 range then these targets won’t be too far away, as there is little to no resistance along the way.
If Bitcoin gets up to these levels and starts messing around closing daily, 2 day, 3 day and weekly bars up there then not much stopping it from $13,000 to $14,000 and beyond really.
Shorts are continuing to pile on ever since $8,000 and there is an imbalance between the shorts and the longs favoring the shorts. This will continue to drive prices higher in my opinion, I think we are setting up for a perfect storm here.
To bring up the other side of things: (green box)
If we can’t break resistance above $11,300 then I see us reaccumulating down to $10,000 to mid $9,000’s then a bounce back to test $11,300
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