Bitcoin at an Important Bullish or Bearish Market Crossroad
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Here is a Bitcoin comparison with another similar V-shaped and IH&S bottom on July 16 (first green arrow). At that time, the 1D Bollinger Bands were also tightening and Bitcoin broke the 1D midband and held strongly ABOVE the 1D midband as support (which is bullish) then Bitcoin broke out towards new highs resuming the Megabull.
In comparison to the current V-shaped and IH&S bottom we put in at $6,000-5,900 on the February 5th, we projected a similar forecast based on July 16. The bullish forecast which we discussed in another newly published Tradingview chart is outlined through a more detailed pink colored fractal. This pink bullish fractal also makes sense from a stand point of the current large bullish IH&S target being a retest of the top at 19-17.5K which is really a simple text book trade. As you also notice, once we break out past the top of the bearish parallel channel, we head over to retest the ATH but remain within the bullish channel as we go further up most likely towards a final ATH near $75,000 or even $100,000-130,000 by June-July 2018.
At the moment we are at a cross road between both bullish parallel channels (that would confirm the bull market potentially being back with a gradual solid break above several key resistances at $11,200, then $12,000 and then $13,000) and bearish parallel channels (that would confirm the bearish market continuation with a solid break below $9,300)
To learn more, check our Tradingview portfolio for our Twitter and Website address or PM us for more questions! We offer 1-on-1 cryptocurrencies oriented trading courses for beginner and intermediate traders and also trading signals/alerts.
Here is a Bitcoin comparison with another similar V-shaped and IH&S bottom on July 16 (first green arrow). At that time, the 1D Bollinger Bands were also tightening and Bitcoin broke the 1D midband and held strongly ABOVE the 1D midband as support (which is bullish) then Bitcoin broke out towards new highs resuming the Megabull.
In comparison to the current V-shaped and IH&S bottom we put in at $6,000-5,900 on the February 5th, we projected a similar forecast based on July 16. The bullish forecast which we discussed in another newly published Tradingview chart is outlined through a more detailed pink colored fractal. This pink bullish fractal also makes sense from a stand point of the current large bullish IH&S target being a retest of the top at 19-17.5K which is really a simple text book trade. As you also notice, once we break out past the top of the bearish parallel channel, we head over to retest the ATH but remain within the bullish channel as we go further up most likely towards a final ATH near $75,000 or even $100,000-130,000 by June-July 2018.
At the moment we are at a cross road between both bullish parallel channels (that would confirm the bull market potentially being back with a gradual solid break above several key resistances at $11,200, then $12,000 and then $13,000) and bearish parallel channels (that would confirm the bearish market continuation with a solid break below $9,300)
To learn more, check our Tradingview portfolio for our Twitter and Website address or PM us for more questions! We offer 1-on-1 cryptocurrencies oriented trading courses for beginner and intermediate traders and also trading signals/alerts.
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Bitcoin testing the top of the bearish parallel channel at $11,000Anmerkung
Break out confirmed for the bulls as well on the log chartNext potential stops based on the bullish pink fractal:
$11,800
$12,600-13,130
$16,500-17,000 (top of bull channel)
$18,760-19,000
$22,000
$28,000-30,000
$42,000-44,000
$75,000
$100,000
$130,000
Stoploss: $10,800
Anmerkung
Apologies to everyone but there is an error with the bearish parallel channel on this log chart. Once readjusted and corrected the break out shows to be at $11,800-12,000 and not at $11,100 as initially pointed to.
Notice we have a strong resistance at $11,200-11,000 which sent us back down in the past few hours and put a sell signal on the momentum on all timeframes. Important to stay above $10,800-10,750 else we could drop back down to retest the supports at $10,650 and then $10,350-10,200
Anmerkung
Bitcoin successfully stayed above the $10,800-10,750 and continued its bullrun. Bitcoin is currently nearing the top of the log bearish parallel channel and horizontal resistance at $11,700-12,000.In order to fully confirm the bull reversal and resume the Megabull within few months from now, we would first need to see the larger IH&S confirm with a solid break of the $11,700-12,000 and a surge to and past $12,300+.
The target of the IH&S is the $17,000-18,500 roughly.
Anmerkung
The 1H 2H 4H 6H 12H 1D 3D 1W Bands are squeezing tight & ready for a bullish move must confirm past $12,000 (preferably $12,300) top of bear parallel log channel which signifies that the bull market is back and resuming. Momentum is bullish. Bitcoin target is $16,500 and $19,000 by April 1st (no joke) Anmerkung
Bitcoin's big move unfortunately resolved to the downside as you may all have noticed. Apologies for not updating this earlier but I have been busy keeping the subscribers updated step by step with updates through the days. After noticing that we were not going to be able to break past the top of the log bearish parallel channel $12,000 due to low volume and Bitcoin being within a rising wedge, we sold at $11,500-11,700 and have been in fiat since then.
The 1H 2H 4H 12H 1D etc.. bands squeezes released to the downside afterall and the bottom 1D band at $9,200-9,300 failed to hold us hence resolving the move completely to the downside. The long bear market (blue fractal) just confirmed with a break of $8,800-8,700 as well.
Add to the bearishness that Mt. Gox came back to hunt us with their continuous unloading of large batches of Bitcoin since $19,000 (see our twitter) through the $6,000 in the past few months. Technically, this selling has always pushed the Bitcoin market in a longer bear market that it should have been into.
Anmerkung
New chart published on tradingview with major updates. Like and follow!
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Please refer to the latest chart above and our twitter channel
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