Hi,
The price of Bitcoin has made a short-term "Double Bottom" inside a bullish chart pattern called "Bull Flag".
At the moment we got a breakout both of them, the last 1-hour candle made a break and close above the "Bull Flag", the "Double Bottom" is also valid because the last bullish 4-hour candle made a pretty decent climb and the last 1-hour candle made a close above the Double Bottom neckline.
This orange line has been quite a strong resistance level, which is also a round number of $7,000 - this is also cracked!
Hopefully, it is not a fake-out and to get better entries, wait for a throwback to $6,800 - $7,000 and the criteria are:
1) Break and close above the "Bull Flag", if you struggle with confirmations then wait for a 4H candle close to get more secure breakout confirmation.
2) Double bottom formation around $6,500, the neckline is broken and the pattern is valid!
3) Break above the round number of $7,000.
4) Break above the strong resistance levels which are around 7k.
5) As said, if we get a current 4H candle close also above the mentioned levels then it will be more secure and after that, the current 4H candle close above those criteria gives us also a close above EMA's 50, 100 and 200!
* The major target should be around $8,000.
A pretty decent pump from the bulls, a lot of levels have broken and to get more secure confirmation, wait for a 4H candle close!
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
The price of Bitcoin has made a short-term "Double Bottom" inside a bullish chart pattern called "Bull Flag".
At the moment we got a breakout both of them, the last 1-hour candle made a break and close above the "Bull Flag", the "Double Bottom" is also valid because the last bullish 4-hour candle made a pretty decent climb and the last 1-hour candle made a close above the Double Bottom neckline.
This orange line has been quite a strong resistance level, which is also a round number of $7,000 - this is also cracked!
Hopefully, it is not a fake-out and to get better entries, wait for a throwback to $6,800 - $7,000 and the criteria are:
1) Break and close above the "Bull Flag", if you struggle with confirmations then wait for a 4H candle close to get more secure breakout confirmation.
2) Double bottom formation around $6,500, the neckline is broken and the pattern is valid!
3) Break above the round number of $7,000.
4) Break above the strong resistance levels which are around 7k.
5) As said, if we get a current 4H candle close also above the mentioned levels then it will be more secure and after that, the current 4H candle close above those criteria gives us also a close above EMA's 50, 100 and 200!
* The major target should be around $8,000.
A pretty decent pump from the bulls, a lot of levels have broken and to get more secure confirmation, wait for a 4H candle close!
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
Comentário:
Couple of days and looks like the price of Bitcoin has started to climb to the higher levels, at least the current 4H candle is promising!
