Edge to Edge: Bitcoin
Updated
bullish tk-cross on the weekly timeframe + lagging span above the price (green circles).
two scenarios possible here:
1. green path / bullish - we close inside the cloud and could unlock a edge-to-edge setup where price goes from one end of the cloud to the other. rare but possible. target would be 42k.
invalidation would be losing the tenkan (blue) on the weekly. trade would play out over weeks and months, possibly into a bullish q4 and resuming full bull-run in 2024.
2. red path / bearish - price can not manage to close inside the cloud and falls off. next destination would be the kijun (red) and after testing lower at around 24-25k bullish price action continues with a new attack on bottom of the cloud. bull could resume in 2024 anyway, but with a lower starting point and more time to accumulate.
let's observe this weekly close and continue our analysis from there on.
two scenarios possible here:
1. green path / bullish - we close inside the cloud and could unlock a edge-to-edge setup where price goes from one end of the cloud to the other. rare but possible. target would be 42k.
invalidation would be losing the tenkan (blue) on the weekly. trade would play out over weeks and months, possibly into a bullish q4 and resuming full bull-run in 2024.
2. red path / bearish - price can not manage to close inside the cloud and falls off. next destination would be the kijun (red) and after testing lower at around 24-25k bullish price action continues with a new attack on bottom of the cloud. bull could resume in 2024 anyway, but with a lower starting point and more time to accumulate.
let's observe this weekly close and continue our analysis from there on.
Note
weekly candle closed inside the cloud and we good immediate reaction thanks to positive news from PayPal (assumption)
we can stay bullish for the intermediate time and should observe further weekly closes
Trade closed manually
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