BTC/USDUptrend Aims at 10k after Bulls Regain Control

Bitcoin (BTC/USD) is showing strong bullish momentum because multiple daily candlesticks are managing to stay above the 21 ema zone, which indicates that the bulls are fully in control at the moment

2 hour

BTC/USD’s lack of any bearish retracement indicates that more bullish continuation is likely at the moment, which is confirmed when price manages to break above the long-term moving average. A bullish breakout (blue arrows) could take price up to the Fibonacci targets and complete a potential wave 3 (purple). Then a mild bull flag chart pattern is expected (wave 4) and one more push within wave 5 (purple). This will complete a potential wave 1 (blue) – see next image.

The wave 1 (blue) could stop at for instance the previous resistance zone (orange lines), which is also the 10k round level. If price makes a wave 2 (blue) as expected, then price should fall in a corrective 3 wave pattern (ABC zigzag) back to support. The inverted head and shoulders pattern (purple box) could kick start a larger bullish reversal by completing the wave 2 (blue) correction and starting a bullish wave 3 (blue).

4 hour

Price is building a consolidation zone (green box) on the 4 hour chart after showing strong bullish momentum (green arrow). Usually the breakout (2nd green arrow) travels the same distance after pushing through the range (green box) as the original impulsive swing (1st green arrow), although the momentum could be less strong. For instance, a bullish channel (purple) could emerge as well. I’m expecting bull flags and continuations towards the Fibonacci targets and weekly Pivot Points for the moment.

1 hour

The ecs.SWAT software can be used on Bitcoin as well the 1 hour chart shows. Blue ECS candles above the 21 ema indicate momentum or a new breakout (if its first blue candle), whereas bullish blue arrows indicate potential continuation or loss of momentum (red arrow). The green candles indicate breakout setups.

Author Chris Svorcik

David Ogden – Http://markethive.com/david-ogden

Bitcoin (BTC) Price Watch – Another Bullish Continuation Signal

Bitcoin (BTC) Price Watch - Another Bullish Continuation Signal

Bitcoin (BTC) Price Watch – Another Bullish Continuation Signal

Bitcoin Price Key Highlights

Bitcoin price has broken above the double bottom neckline and bullish flag to signal upside momentum.
Price is forming another bullish flag pattern, which might signal a continuation of the climb.
Technical indicators, however, are showing mixed signals for now.

Bitcoin price confirmed one bullish signal after another and may be poised to continue its rally from here.

Technical Indicators Signals

The 100 SMA completed its crossover above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to be sustained than to reverse. The moving averages could hold as nearby support levels on a pullback also.

RSI is indicating overbought conditions or that buyers are exhausted and willing to let sellers take over. Turning lower from the overbought region could push bitcoin price to retreat to the dynamic support and area of interest around $6,400 before resuming the climb. Similarly stochastic has reached overbought territory and looks ready to move south, so bitcoin price might follow suit.

Market Factors

Bitcoin has sustained its strong start to the month and quarter, likely buoyed by investor optimism that more positive developments can arise in this latter half of the year. Many still predict that bitcoin price could recover to the $20,000 highs before 2018 ends, with some even projecting that it could reach $50,000.

Others think that the recent rallies are merely a dead cat bounce from the recent strong declines. After all, there appear to be no major catalysts driving the latest moves apart from risk-on flows. Traders seeking higher returns appear to be turning towards cryptocurrencies since stocks and commodities have been vulnerable to trade rhetoric.

Looking ahead, market sentiment could continue to impact bitcoin price movements, although it’s not hard to imagine that headlines on regulation could return to the spotlight.

SARAH JENN | JULY 3, 2018 | 4:25 AM

David Ogden – Http://markethive.com/david-ogden

Acid Test – Bitcoin Must Break $7,800 for Bull Reversal

Acid Test - Bitcoin Must Break $7,800 for Bull Reversal

Acid Test – Bitcoin Must Break $7,800 for Bull Reversal

Bitcoin (BTC) continues to mount a recovery despite the recent bearish "death cross" chart event.

As of writing, bitcoin is changing hands at $7,400 on Bitfinex and the average price on leading exchanges, as represented by CoinDesk's Bitcoin Price Index, is seen at $7,380.

The cryptocurrency's 15-percent rally from the 54-day low of $6,425 set on April 1 is encouraging and pretty much in line with the historical relative strength index (RSI) pattern.

That said, the bulls' job is only half done, and bitcoin is still stuck in a falling channel. So, a clear break above $7,800 is now needed to confirm a bullish trend reversal and avert another sell-off.

Daily chart

A daily close (as per UTC) above the falling channel resistance would signal a short-term bullish trend reversal – i.e. the sell-off from the March 5 high of $11,700 has ended and would allow a test of supply around the bigger descending trendline sloping downwards from the Dec. 17 high and Jan. 6 high.

Note, the falling channel resistance is lined up at $7,900 and is seen sloping downwards to $7,800 by tomorrow. A move above that level would lift the RSI above the descending trendline, thus bringing in more technical buyers into the market.

The 4-hour chart below shows scope for a rally to $7,800-$7,900 over the next 24-48 hours.

4-hour chart

The bullish RSI divergence followed by a break above the minor descending trendline indicate that bitcoin could rally by another 400 dollars or so. The RSI is also above 50.00 (in the bullish territory) and is trending.

However, if BTC repeatedly fails to take out the falling channel hurdle (seen in the daily chart) in the next couple of days, then the bears may flex their muscle. Moreover, that would mean the recent gains are nothing more than a corrective rally. The ensuing sell-off could take BTC down to $6,000 (November lows).

As a result, the falling channel resistance presents a sort of acid test for the bitcoin market.

In the larger scheme of things, a bullish reversal is seen only above $11,700 as shown by the long duration chart below.

Weekly chart

BTC has defended the 50-week moving average (MA), yet the outlook remains bearish as suggested by the descending 5-week MA and 10-week MA. Furthermore, the RSI is bearish. Only a move above $11,700 (bearish outside-week candle high) would revive the bullish outlook and potentially yield rally to fresh record highs.

View

BTC could test the falling channel resistance in the next 24-48 hours (currently seen at $7,900, will be at $7,800 tomorrow).

A daily close above the channel resistance would signal short-term bull reversal and expose resistance lined up at $8,090 (5-week MA) and $9,177 (March 21 high).

Repeated failure to beat the channel hurdle could yield a re-test of $6,425 (April 1 low).

Author: Omkar Godbole Updated Apr 3, 2018 at 22:07 UTC

Disclaimer: This article is not intended to provide investment advice.

Posted by David Ogden Entrepreneur

David Ogden – Http://markethive.com/david-ogden