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Bitcoin The Mega Bullish Bull (Target Was $6800, Goes to $7700+)

By AlanSantana
Updated
Bitcoin started seriously today, after a series of higher lows and lower highs, Bitcoin shows that it prefers to be bullish rather than bearish, it goes for its first higher high in quite a while.

Let's take a few minutes to enjoy looking at Bitcoin together... Namaste.

I was expecting a breakout before the 22nd October, it just happened and we are now back again on bullish bias/waters... This is good, because we have really good chances of Bitcoin continuing to move up strong after today; first we wait for this daily candle to close. This is just the beginning.

In my previous analysis, we saw how Bitcoin tends to bounce, and bounce strong, when it goes down hard and hits oversold on the 4H time frame. I saw the signal and recommended you buy and wrote "TIME TO BUY BITCOIN"... Well, now is time to move up.

On the chart:

  • We have really, really good volume on the daily candle. At the rate we are going, we are looking for the highest volume since April or even earlier, we will see how that goes. I will keep this trade idea updated.

  • The RSI is moving up strong and already in the bullish zone.

  • The STOCH is coming out of oversold with buy signal and trending up. Plenty of room left available for growth.

  • The MACD still needs work but this looks like it will be a very positive date for Bitcoin.

  • Our main support is now sitting at $6220 on BitFinex. Around $6150 - $6300 is our new main strong support range now on average. After that we have the classic strong support which is the strongest at $5755 + $6000. We also how the $6000-$6100 range that can count as additional support. But this doesn't matter now, we are moving up.

  • So let's talk about resistance. We moved up all the way to $7788, that's a lot. 23%+ increase from today's candle alone. This is similar to the action we are seeing with Altcoins, I've been warning that their bullish action is a sign of bullish action coming for Bitcoin, this now has been confirmed as true.
  • Resistance is being faced now at $6800+, this should be our major resistance for the daily candle. $7400 is also a very strong one but higher, since we touched it earlier and Bitcoin is the king of breaking expectations, it can also decide to break and close above this level. If we close above $7400 today, we are super bullish. Right now we go for a close above $6800 first and go from there. As usual, I will keep you updated as this ride up to the MOON develops.

  • Depending on today's close, we are looking at the first higher high in quite a while... This changes everything...


This is a general update. More will come.

If you enjoyed this post in anyway, please like, comment, share and follow.

Your support is highly appreciated.

Namaste
Note
Previous analysis "[Time To Buy Bitcoin] BTCUSD Next Target $6800+"

[Time To Buy Bitcoin] BTCUSD Next Target $6800+
Note
Regardless of what happens with the Tether (USDT) situation and how long it takes to unravel, Bitcoin and the cryptocurrency market will come out of it stronger long term, regardless of its immediate effects.

Remember, even though Tether is really big, it is just another "altcoin".

Namaste.
Note
Great post by one of our great followers Teklologist

[...]"Price would then trade sideways for a seemingly extended time frame as negative sentiment grows. BTC 8.85% and altcoin price-cycles might remain synchronized throughout Depression but will be visibly contrasted by Disbelief, where advocacy of a continued Bear market will dominate. Hope will strike unexpectedly and, in hindsight, the start of the new market cycle will be obvious."

See it here:
BTCUSD and Truncated Fifths: The Black Swan
Note
Bitcoin on other exchanges (BitFinex is ahead of the game)

BTCUSD (Coinbase): snapshot

BTCUSD (BitStamp): snapshot

Bitcoin is also moving positive on Coinbase and BitStamp. Take a look at the charts above.

Opening the day at around $6180, the price is holding at $6400. Not that significant for Bitcoin but still significant gains, specially when you take into consideration BitFinex and the USDT crash.

The volume is really good, today we might end up with the biggest volume since April. Daily candle yet to close (signal not confirmed). More green volume = bullish.

We have yet to break the trendline on these exchanges. A close above $6550 on the daily time frame is needed to signal additional strength and follow up on the BitFinex Mega Bullish Sentiment. Below, BTCUSD remains on the same pattern and same sideways consolidation towards breakout.

Namaste.
Note
Some bullish crypto news:

twitter.com/crypto/status/1051874493793230849?s=21

cnbc.com/2018/10/15/fidelity-launches-trade-execution-and-custody-for-cryptocurrencies.html
Note
Confirmed, highest volume since April on the daily candle: snapshot

The same is true for Coinbase, Bittrex and other exchanges.

First you get the high volume breakout... And then you get the action.

Namaste.
Note
More Bitcoin news (all is good according to BitFinex): sludgefeed.com/bitfinex-publishes-fiat-deposit-update-amid-tether-sell-off/
Note
We close above trendline. The long wick on the candle is a bit troublesome, but the volume is good.

This increase in volatility is also good. We are looking positive for the week ahead. We need to stay above this trendline now: snapshot

On Coinbase, our trendline is yet to be broken: snapshot

- Looking at the 4h chart, it looks like it will go next.

Resistance and support levels will be shared on the next update.

Thanks a lot for the continued support.

If you enjoyed this update, please like, share, comment and follow.

Namaste.
Note
Consolidation has been good so far. Looks like Bitcoin will do more sideways movement.
Note
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Namaste.
Note
Coinbase (BTCUSD): We are looking good on the 4h TF. Volume is creasing, so another break is coming.

We are above trend line now, we : snapshot

---

BitFinex (BTCUSD - 4H): Is looking good. We will have to consolidate further, patience is key but we gained good ground with yesterday's candle.

I am seeing action all around that is indicative of more bullish action to come, specially the altcoins market.

Few weeks ago, I wasn't sure if the altcoins booming was an isolated case for a few or if they would come crashing down after moving up.

Altcoins continue to bull explode and their are maintaining their price on the retrace.

Healthy up, healthy down... Let's trade.

It is better to position yourself now, rather than wait.

We have plenty of time and more opportunities will always come, but since we have many opportunities already (alts), why not take advantage of them all?

Namaste.
Note
We saw the "Bullish rectangle" pattern on a previous analysis, here we have it once more: snapshot
Note
My first ever LONG term BITCOIN (BTCUSD) trade.

I hope you enjoy it.

[BTCUSD] Bitcoin - The KING - Long Term Trade [200%+ PP]


Alan Masters wishing you lots of love, wealth, healthy and success.
Namaste.
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