Get started
Veneficus

Weekly Reversal?

Long
Bitcoin (BITFINEX:BTCUSD)  
Veneficus Updated   
BITFINEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Bitcoin (Cryptocurrency) price reversal trend long-term Weekly Charts TIME frame crown
12
1
trendanalysis chartpattern bitcoin price reversal trend long-term weekly time frame crown
The weekly stochastic is turning up after coming into contact with a trend line from Oct 2018. There is also bullish divergence present. Is this a real reversal or just a bump on the way down?
Comment:
Bitcoin 12-hour and daily stochastics may look tired, but it appears the 3-day is just getting started. The 4-day has turned up and is on course with getting a buy signal. Many high time-frame movement averages are losing their downward slope and turning towards a positive slope.
Bitcoin is working on breaking multi-tf resistance at the 7340 - 7550 range. If price could close a few hourly candles above 7580, it would make it probable that we revisit 8k and maybe higher than that. 84 and 9k are in the cards, but it's best to take it one step at a time right now. There is more than a little resistance in the mid 7ks, but each break of resistance is potentially rewarding (such as when it sets up a golden cross).
Comment:
"...but each break of resistance is potentially rewarding (such as bla bla golden cross)." ***I'm not sure how much I'd had to drink, but yeah, of course a break of resistance is "potentially rewarding" with or without a bullish cross. My bad.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.