Another inverse head-and-shoulders pattern has emerged on the 1 hour chart of BTC/USD.
Should a sustained break above $8300 occur, the projected target is $8800.
Support at $7700 to $7600 must hold to maintain the bullish outlook.
Action at the $7600 level will identify whose is in control: bulls or bears.
If support prevails, new highs are likely. Should it fail, next support is at $7000.
Bitcoin sliced through $8k like a knife through butter.
It's encouraging to see such strength to the upside.
My next target for upside resistance is $8600. If bitcoin can sustain price above $8600, then a think a shot at $10k would not be far behind.
For bullish momentum to continue in the near term, support at $7600 needs to be maintained.
The moving averages on the 4 hour chart are bunching together, which suggests a bigger move is near
Will the next move be bullish or bearish? A potential inverse head-and-shoulders is forming, but won't be confirmed until a sustained break above $6800.
If price can claw it's way back above $6400, I think then it would be possible to challenge $6800.
If there...
I've marked the clearly defined Elliott 5 wave impulse from 2009.
To complete the pattern, another rally to new highs is in order before the bull trend is complete. This should occur in the next 6 to 12 months.
The volatility in 2018 is the 4th wave of the larger 5th wave (the 5th wave is another impulse on a shorter time frame).
The current correction could...
Bitcoin hasn't looked this strong in two months.
A sustained break above $7k would be near term bullish with potential to re-challenge $10k.
If the downtrend continues, I suspect $5k would offer support, with price reaching this level by mid August, followed by a rally.
Bitcoin tends to rally in the 2nd half of the year, beginning in August.
As always, bullish...
For the first time since the 1980s, the US 10 year treasury yield is showing a sustained breakout above the red line.. the 120 SMA in this chart.
Since US interest rates were trending lower over 30 years, this is monumental.
With the risk of a tariff war growing, and oil prices projected to rise to $90 in the coming months, we can see how this is all coming...
Bitcoin is looking more promising for the bulls.
A sustained break above $10k would be bullish in the long term. This is where the longer term averages are converging, which is often where there is greater resistance.
I like to use a simple moving average of 15, and then Fibonacci numbers based on 15: 45, 120, and 195
In the near term, the outlook is neutral...
Bitcoin is showing strength.
A sustained break above $9600 would change the near term picture to neutral.
Bitcoin needs to clear $12k to be back in the bullish camp.
A bear flag has appeared on the 4 hour chart.
This is a bearish formation and suggests prices are going lower in the near term.
$7k is the target for the double top. A possible re-test of the lows at $6k if $7k fails.
It seems the correction from the high in December is going to take it's time.
The failure to break above $12k and the subsequent sell off weakens the near term bullish case.
The outlook near term is neutral, as long as price remains between $9k and $12k.
If support at $9k fails, a re-test of the lows at $6k is likely as a double top will be in place.
However, the longer term pattern is still bullish since the longer term moving averages...
Sometimes inverting a chart helps to see patterns more clearly.
I've inverted the BTCUSD daily chart, and the head-and-shoulders pattern becomes more visible.
Does this chart look bearish? Indeed it does, which is bullish for bitcoin.
The neckline is at $12k. A sustained break above this level has a target price of $17k.
It would likely take a month for...
BTCUSD is looking more bullish of late, with a potential reverse head-and-shoulders forming.
Should a sustained break above $11,900 occur, then the H&S pattern projects a price to $17k by early April.
