The Bitcoin chart is one that speaks volumes when you read it utilizing the methods devised by Tim West.
If we look closely we can see that the monthly and weekly trends are up, and that we have potential for a breakout in the coming weeks.
Right now, the weekly is in a triangle consolidation but the breakout should happen relatively soon.
We have 3 inside months in a row after the huge rally we had last year.
I will update the chart when the rally is confirmed, technically, the weekly might trigger first, to then confirm the monthly uptrend which could fire an explosive rally, and possibly a new all time high for Bitcoin.
With the block reward halving approaching, I suspect that might be the trigger for this rally.
Disclaimer: I'm holding long term long positions initiated from lower levels, as well as holding ethereum as a fixed % of my holdings. I have shared these entries with my signals group privately. See my profile for more information.
Cheers,
Ivan Labrie.
If we look closely we can see that the monthly and weekly trends are up, and that we have potential for a breakout in the coming weeks.
Right now, the weekly is in a triangle consolidation but the breakout should happen relatively soon.
We have 3 inside months in a row after the huge rally we had last year.
I will update the chart when the rally is confirmed, technically, the weekly might trigger first, to then confirm the monthly uptrend which could fire an explosive rally, and possibly a new all time high for Bitcoin.
With the block reward halving approaching, I suspect that might be the trigger for this rally.
Disclaimer: I'm holding long term long positions initiated from lower levels, as well as holding ethereum as a fixed % of my holdings. I have shared these entries with my signals group privately. See my profile for more information.
Cheers,
Ivan Labrie.
Comment:
Note all the space I left above the bars... ;)
Trade active:
We have broke above the weekly mode, trend is up.
If we also break the monthly resistance, we could see a really strong advance.
If we also break the monthly resistance, we could see a really strong advance.
Comment:
Back above resistance.
Comment:
It takes time to break a monthly resistance, but BTC remains bullish, although sideways for now.
Comment:
We're hitting the monthly mode resistance right now. The volume and momentum is very low but if we close and start trading above it, we might see uptrend continuation in the coming 1-2 months.
Comment:
A weekly close above 442.54 will be very bullish. Then we'd need further proof to expect more upside, but it seems likely. Even then, I won't attemp to trade this trend with tight stops. I'd rather buy and hold, and buy dips with a considerable % distance to my 'stop', without actually using a stop.
Comment:
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Trade closed: target reached
Comment:
Yep.
