BTCUSD - About to go bullish (+ 100% potential)
Updated
BTC is having a good run, currently challenging the resistance formed by the SMA 50 and the downtrend channel. If the resistance falls, BTC will enter a bullish zone.
Looking back at the past scenarios, every time the price stepped above the SMA50 line and the SMA50 was on top of SMA200, BTC performed a bullish run of minimum 100%. There are enough signals in the market to believe that it will do the same. (again, with the condition that the price will break the actual resistance).
Basis the given signals BTC can reach 22-23k USD in a period of 1-2 months.
Looking back at the past scenarios, every time the price stepped above the SMA50 line and the SMA50 was on top of SMA200, BTC performed a bullish run of minimum 100%. There are enough signals in the market to believe that it will do the same. (again, with the condition that the price will break the actual resistance).
Basis the given signals BTC can reach 22-23k USD in a period of 1-2 months.
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The resistance formed by the bear channel ceiling and SMA50 proved tough, it appears that BTC needed a retracement to gain more power before re-testing. Note that as time passes the resistance price "lowers". Now BTC has to break the resistance in the region of 11k (instead of 11.5k) to discontinue the downtrend - and it will break it in the following period.Keep your sight medium/long term, rather than watching the BTC price all day. Don't panic if BTC drops to 8-9k. If it does, it's just part of the accumulation process. Remember - if BTC goes bullish, history tells us that it will reach a new All Time High. (+20k)
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BTC trading a bit above the resistance lines but we need a full candle above the resistance to confirm bearish trend break. It might be that the price bounces back again but this time there is another hint that points towards a bullish move: We have a nice Inverse Head & Shoulders formed which translates to trend reversal. Tomorrow we will know more. Trade active
Good news! BTC is currently trading above the resistance lines, it broke the downtrend that started in 18 December. Next step: If BTC closes above the blue line, it is safe to say that we have a bullish confirmation. Buy orders can be placed in the region of $11300 with a long term target of $22000
Good luck!
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BTC IS BULLISH!! It is trading above bullish confirmation line. 22k see you soon!!!Note
The bullish signals were washed away by Mt.Gox 40.000 BTC dump. It's still a whale's market where the majority of inexperienced traders panic at the first sight of red. As you can see in below chart, the former bullish resistance held impressively. That tells us that there were plenty of buy orders on that resistance(now acting as support.). So Pro traders are also believing that the price is going up.
BTC is now consolidating. We wait for new bullish signals:
1. Price above MA50 (green line) and
2. Price above 11.300 (bullish confirmation price)
On the day chart, BTC is still oversold!! I think now it's a good entry price - BTC is cheap.
Note
After the Mt Gox bullshit (not bullish), BTC is currently consolidating. Price is moving sideways as no clear pattern is formed. As it stands, price can move anywhere between the red lines. I will revert with update when BTC breaks one of the lines or it forms a clear bullish or bearish pattern. Order cancelled
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