Bitcoin is moving exactly as expected, or at least exactly as we (me and you) expected it to move.
First, we identified the bottom in late June. We became bulls when everybody was turning bear, and now, we continue our climb up.
We spotted bullish signal after bullish signal, telling us that Bitcoin would go up. Today is Saturday and the "next push" has already come.
What will happen next?
What's the next move that Bitcoin has in store for us?
Let's take a closer look at the charts now that the daily candle has closed. This candle will give us additional information on the next movement that Bitcoin has for us, so without waiting any further, let's ask the Bitcoin charts, where it wants to go!
Let's start with 4 hours per candle time frame:
- We are now trading safely above the EMA200 line on the 4 hours chart. This line has worked as a strong resistance and hasn't been touched since May 15th. Breaking above it, it is another milestone that has been reached.
- On this same time frame, the RSI is very strong; on the bullish side, reaching 68+.
- A young bullish crossover can be spotted on the MACD. The STOCH is bullish as well.
- EMA50 (magenta) crossing up EMA100 (blue), a strong signal but it needs to curve up further to mean something for us... Let's continue.
8 hours per candle:
- Looking at the 8h time frame, this is where I got my last signal for the push up that happened just now. Several more signals there points to additional up movement.
- I would like to point out specially the MACD crossover, RSI and the EMA100 line that we just closed above. This strong resistance might now be turned into support.
Let's move to the daily time frame, 24 hours per candle:
- My main indicators are all trending up, all showing growing momentum and still plenty of room left available for growth.
- The EMA10 (light blue) held up as a strong support every single time, now is trending up to support us on another ride.
To end this post, let's look at the weekly chart:
- The weekly chart also looks good, a strong close tomorrow, Sunday, puts $7,200 as the next target to be reached. With the slow grow we are having, this will take several days to be achieved.
The altcoins market will be affected in a positive way thanks to this (Bitcoin breaking several resistance points at the end of the week).
This is all that I have for now for you to read.
Thank you, thank you, thank you, for reading another post from me.
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Alan Masters here... Love yourself as you want others to love you... That is what I always tell myself before I go to sleep!
Namaste.
P.S. Make sure to come back tomorrow again!