Higher high forms while breaking above old Adam & Eve neckline!!

23. Juli 2018

Very bullish signs from btc just now as it broke through not 1 but 3 major lines of resistance: The bottom trendline of the lavender rising wedge, the red neckline of the old inverted cup and handle pattern, and now in white, the adam and eve double bottom neckline we've been following since march-april. Even though we went below the adam and eve bottom awhile back, there by invalidating it, the neckline was still an extremely powerful line of resistance and this is the first time we have closed a 4 hour candle above it since its inception. That to me is a very bullish sign. If we can close a few more consecutive 4hr candles above it as well and better yet a 1 day candle close, we will most likely see bigger heights than what I currently have projected here...the green dotted line is the projected breakout target from the bull flag on the 1 day chart. that takes us above the pink dotted line which was the breakout target for the symmetrical triangle we broke out of last week. the target for breaking above the adam and eve neckline will likely be even bigger...first however we need a few confirmation 4 hr candle closes above it and of course a surge of bullish volume to confirm however. If so this could kickstart the bullrun. Just the higher high alone is enough to continue to be optimistic despite how over extended the 1 day stoch rsi has been. Thanks for reading! *not financial advice*

23. Juli 2018

Anmerkung

I feel reaching the pink symmetrical triangle target at $8063 coupled with the psychological resistance of 8k will not be easy...there is currently a 340 btc sell wall in place in coinbase pro's orderbook. However, after seeing the correction we jsut had turn into nothing more than sideways consolidation I'm guessing we may likely see only a small correction around 8k or sideways bull flag consolidation before we continue the run up. Also keep an eye on the 1day charts 50ma (in orange) and 200ma (in blue). As I have said in previous ideas the 200ma would start dipping significantly once December was no longer factored in, which it has started to really dip. This current bull run should hopefully at the same time start lifting the 1 day 50ma into more of an upward trajectory as well...be prepared for when that starts happening because a bullish cross will not be too far away at that point and the bull market will have likely begun.

23. Juli 2018

Anmerkung

one bearish perspective yo consider however is a double top. Not as likely considering a higher high has been achieved but still slightly possible and worth taking into consideration.

23. Juli 2018

Anmerkung

crazy we just closed a 4 hr candle and are still above the top trendline of the bigger descending triangle we've been in since January...not enough volume yet on the 1 day to confirm breakout but it has potential s3.amazonaws.com/tradingview/snapshots/d/dIgiuAi2.png