sandwichbill
Long

Bitcoin Breakout Soon.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar


Bitcoin is nearing a decision point. Above, we see that Bitcoin has formed a bullish flag following the sharp move up, which began in early April. Volume largely dried up during its formation and it should increase, if we are to see a breakout above the upper channel. Bullish flags typically represent a midpoint in a move upwards.

Below, we also see a bullish pennant on the daily's. As is typical with pennants , volume has been light during its formation, which should increase on breakout, duplicating the size of the move that preceded its formation. The price is also finding support on the 200 SMA (black line)



The weekly's, below, are currently showing that buyers are in control and we could be about to see the confirmation of a market bottom, if Bitcoin breaks above the upper channel.



We are about to see a large move, soon, but we need volume to pick up for it to be move up and the start of a new bull run.


Comment:

As I favoured in my idea of 3rd November, BTC broke support above the 200 sma. It fell to a support zone, where the 50 sma (blue line) and the 61.8 fib retracement also were. (see above)

On the 240s, below, BTC is holding support. Selling pressure is easing up, at the moment and momentum could soon shift in favour of buyers.



If momentum turns positive on the 240s, then I wouldn't be concerned about another sudden drop like that of the 8th, while that remains the case. Aside from confirmation of a shift in momentum on the 240s, the other key point will be what happens should BTC attempt to break 9k. If it makes several attempts, but fails, then the sellers will gradually take over.
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