Bullish Signs on the Bitcoin Weekly Chart
BTC appears to be preparing to close the week above the ichi cloud. It is also overcoming the consolidation period we've been stuck in for a few weeks. The recent tests and rejections of 10k sent a lot of bulls into bear-mode (or into cash). We can see by the Twiggs Money Flow below the chart that bulls remain in control, however, with TMF resting on the midline as price tries to breakout. This is classic accumulation. While we are still at risk of a shakeout, such a drop would be an excellent longer-term buy opportunity. I don't expect to get the chance to add at the daily 200, but the daily 50 would be a sweet spot to leave some limit buy orders. Current bullish target is around 11.8-12k (2-3 months. There will be resistance around 10,160 as the lagging line (orange) runs into the standard line (white). How quickly we bust through that is hard to determine. Note the future cloud is still red, but rising....when we get that full Kumo breakout with a cloud twist and close a week above the 10,160 resistance...it's rocket time. I personally expect higher to sideways for at least the near future. September-November will be very volatile. Best to capture this move and be prepared to take profits before all the election shenanigans.
This is a HORRIBLE spot to short. If you MUST short, wait for further rejection. Every time we drop, buyers show up within a day or two. the risk reward might look great for a short, but there is not enough liquidity to make it profitable. WAY too many bulls on the sidelines waiting for that breakout.
This is a HORRIBLE spot to short. If you MUST short, wait for further rejection. Every time we drop, buyers show up within a day or two. the risk reward might look great for a short, but there is not enough liquidity to make it profitable. WAY too many bulls on the sidelines waiting for that breakout.
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