BITCOIN: Will We Break Up or Down & When Will This Happen?

Looking at the Bitcoin charts (BTCUSD), it is easy to see price action getting compressed, a breakout will happen soon...

So let's take a look at the following questions:

• When will this breakout happen?
  
• Will Bitcoin (BTCUSD) break up or down?
  

Bitcoin reached its all time high back in December 2017. After this the price started to decline until it hit a low point in February 2018. This low point, which was around $6,000, also worked as support for Bitcoin back in October and November 2017.

After hitting February's low, a corrective wave up came in March and Bitcoin went up all the to $11,600. On the way down, Bitcoin found support above $6,000, hitting the lowest point at $6450 before the next corrective wave up.

Now, here is why I believe Bitcoin will be breaking up. If Bitcoin was to continue going down, or had more weak hands to remove, it would have done so back in March. Yet, it went back up and the ~$6,000 range support level held again in June, later August and finally September.

If Bitcoin wanted to go down and continue going down, it would have done so long ago. Bitcoin is forming a bottom, a strong bottom, in order to move up.

You can also notice the waves becoming shorter and a type of "cup / curve" being formed on the chart.

Take a look at the MACD, it isn't going down anymore, it is curving with volume changing... another sign that things will change direction. We also have higher lows.

MACD:

The RSI is also forming a curve and creating higher lows since June.

RSI:

The STOCH indicator is also in un uptrend since June, and coming out of oversold. Up and down, up and down... We've been down for a while... Time to move up.

STOCH:

But when?

This month we will see change. I am looking at 5-6 October for some action, this can be even bearish (flash crash) but here the movement starts.

Up to the 22nd October for massive bullish action, a change of trend.

This is based on the analysis above. My perspective can change as the market changes.

This article is for educational purposes only.

Thanks a lot for reading.
Your support is highly appreciated.
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See you tomorrow again...

Namaste.

Comment:

The long wicks (shadows) on candles, are also an indication of an upcoming breakout... so get ready...

Comment:

BitFinex is doing maintenance tomorrow. This can be taken as a bearish signal.

"Bitfinex will be undergoing infrastructure maintenance tomorrow, October 4th, between 06.00 UTC and 18.00 UTC. The exact time will be disclosed 30 minutes prior to the start of the upgrade. "

"Please keep this in mind for all open positions you may have."
twitter.com/bitfinex.../1047461223762153472

Comment:

MACD Updated:

Comment:

Bitcoin moves up with good volume and momentum:

Comment:

EMA50 (Magenta line) is what held the price on the daily time frame. This Moving Average line has been holding the price for quite a while now.

Here you can see the chart:

On the 4h time frame, we are above the trendline. This trend line can now work as support.

Comment:

BitFinex maintenance over... No big deal.

twitter.com/bitfinex.../1047800305986031616

Comment:

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Comment:

The 4H candle is about to close.

We now remain safely above the trendline, $6550 support and EMA50.

Here is the chart:

This is a positive/bullish development.
If we remain above this level, we can challenge $6680 next and break the major trendline (red) on the chart above. This would signal the beginning of change... More time is needed.

Comment:

Dragonfly Doji on the 1H time frame:

"WHAT IT IS:
A dragonfly doji is the most uncommon candle of the four different types of doji candlesticks. As with any doji, the dragonfly depicts a situation in which supply and demand are in equilibrium, thus possibly signaling an important reversal. It is characterized by having a small real body (or none at all) and a long lower shadow."

"HOW IT WORKS (EXAMPLE):
During the period of a dragonfly doji, prices will typically open at a high, sell off, and then return to the opening price. Dragonfly doji are fairly unusual, but when they do occur, they often resolve bullishly.

"A dragonfly forms because when there is early pressure forcing the security down, but then it finds support, and buying pressure pushes the security back up.

"As significant as the dragonfly doji is, one should not take action on its message alone. Always wait for confirmation from the next candlestick before taking trading action."

Comment:

Thanks a lot for reading.

I will be publishing a new trade idea for updates.

Your support is appreciated... See you next time.

Namaste.
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Comment:

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