Bitcoin Bull Time
It's been a while since Bitcoin has really been doing anything interesting other than playing around in this triangle.
To speak easily on this, the bears had their chance to break down at that $9,500 price area and they failed. Now the bulls have their chance to turn this thing around.
Looking at this daily chart we are seeing Bitcoin with a large green candle trying to cross above this gray 10 simple ma, orange 89 ema, white 21 ema and the red 50 ema all in one candle which would be majorly bullish.
If you get your own chart out - it's hard to do multiple time frame analysis with these analysis ideas on TradingView but that is only way to read a chart properly in my opinion - then you can follow along with what I am saying below ----->
Lower time frames - hourly through 4 hour - are all bullish. RSI and Stochastic are all pointed up and very strong.
Medium time frames - 6 hour through 12 hour - are all bullish. RSI and Stochastic are all pointed up and very strong.
Higher time frames - daily through 3 day / weekly - are starting to turn around bullish ----->
Daily time frame
2 Day time frame
3 Day time frame
Weekly time frame
Macro time frame
Monthly time frame
If all this comes to fruition then this triangle could be broken to the upside which would be huge news for Bitcoin. Using a measured move tool from this symmetrical triangle, we can make a target ----->
If none of this comes to fruition and the bulls fail to continue higher then the bears will have another chance and if they succeed then we can make another target using the same measure ----->
To speak easily on this, the bears had their chance to break down at that $9,500 price area and they failed. Now the bulls have their chance to turn this thing around.
Looking at this daily chart we are seeing Bitcoin with a large green candle trying to cross above this gray 10 simple ma, orange 89 ema, white 21 ema and the red 50 ema all in one candle which would be majorly bullish.
If you get your own chart out - it's hard to do multiple time frame analysis with these analysis ideas on TradingView but that is only way to read a chart properly in my opinion - then you can follow along with what I am saying below ----->
Lower time frames - hourly through 4 hour - are all bullish. RSI and Stochastic are all pointed up and very strong.
Medium time frames - 6 hour through 12 hour - are all bullish. RSI and Stochastic are all pointed up and very strong.
- ---> Lower and Medium term time frames being bullish allows for higher time frames to start to turn bullish
Higher time frames - daily through 3 day / weekly - are starting to turn around bullish ----->
Daily time frame
- RSI just crossed up and pointed STRAIGHT UP - will be set in stone if price stays above $10,000 by 8pm EDT tonight
- ---> Crossed up means the blue RSI crosses above the white line EMA
- Stochastic is very likely to be crossed up - will be set in stone if price stays above $10,000 by 8pm EDT tonight - on tonight's close
- ---> Crossed up means the blue %K crosses above purple %D
- ------> Having RSI and Stochastic cross up simultaneously is incredibly bullish
2 Day time frame
- RSI could cross bullish as long as Bitcoin continues higher by tomorrow 8pm EDT (this is when the 2 day candle closes)
- Stochastic could cross bullish as long as Bitcoin continues higher by tomorrow 8pm EDT (this is when the 2 day candle closes)
- Price trying to cross above 21 ema and 10 sma just like daily
- ---> Having RSI and Stochastic cross up simultaneously is incredibly bullish
3 Day time frame
- RSI could cross bullish as long as Bitcoin continues higher by tomorrow 8pm EDT (this is when the 3 day candle closes)
- Stochastic could cross bullish as long as Bitcoin continues higher by tomorrow 8pm EDT (this is when the 3 day candle closes)
- Price trying to cross above 21 ema and 10 sma just like 2 day and daily
- ---> Having RSI and Stochastic cross up simultaneously is incredibly bullish
Weekly time frame
- RSI has the potential to cross bullish if price continues higher by the end of Sunday at 8pm EDT - when the weekly chart closes
- Stochastic also has the potential to cross bullish if price continues higher by the end of Sunday at 8pm EDT - when the weekly chart closes
- ---> If these both happen by Sunday then that would mean RSI and Stochastic cross up simultaneously on the weekly chart.. which would be extremely bullish
Macro time frame
Monthly time frame
- RSI is already crossed up and pointed up, trying to get back into the bullish control zone (blue zone)
- Stochastic is already crossed up and pointed STRAIGHT UP and already entered into the bullish control zone (above 60 on stoch reading)
If all this comes to fruition then this triangle could be broken to the upside which would be huge news for Bitcoin. Using a measured move tool from this symmetrical triangle, we can make a target ----->
- Bullish Target: $13,750
If none of this comes to fruition and the bulls fail to continue higher then the bears will have another chance and if they succeed then we can make another target using the same measure ----->
- Bearish Target: $6,500
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.