BitcoinPanjang
BTC is forming another bullish continuation pattern
We have seen that the bitcoin has formed a very big bullish Gartley pattern on 2 month chart and the price action has already visited the potential reversal zone of this Gartley pattern and now it is difficult for price action to move down again as we have already taken the bounce from 50 simple moving average on month chart.
We have also seen that the price action of leading cryptocurrency was moving within a down channel on day chart and finally it has broken out the resistance of the channel.
Now the simple moving averages with the time period of 25, 50, 100 and 200 are likely to form an opened alligator’s mouth as they formed in May 2019.
Sofar the 25 simple moving average has crossed up all other simple moving averages and 50 SMA has crossed up the 100 SMA now there is a golden cross expected between 50 SMA and 200 SMA which can produce more powerful bullish move coz golden cross between 50 SMA and 200 SMA is thought to be an ideal golden cross and bullish signal among the traders and then finally we will have a golden cross between 100 SMA and 200SMA which will lead to the completion of opened Alligator’s mouth.
Most powerful bullish signal is that the ichimoku cloud on month chart is turned bullish this is the 30% bullish signal rest of the 70% strong bullish signal for a very powerful bullish rally will be confirmed when the lagging span of ichimoku cloud will cross up the price action and conversion line and base line will form bull cross with each other, like they formed bull cross in Sep 2016 and then we have seen the highest price ever in the history of BTC at 20K in 2019.
In my previous post on day chart we have seen another very interesting cup & handle pattern has been formed and this is a strong bullish continuation trend signal.
The wave down and wave up are moved very soft and round shape like a real cup's body, there is no V shape or hard corners and this is a fact that as much this shape will be soft or U shape rather V or hard corner shape as much the Cup & Handle pattern will be true and confirmed.
Upto yesterday we were almost at the resistance of the cup which is at: $9819.92 now the price action has hit the spike upto this level and now it can move down or we can have a pull back from here coz today price action has hit this resistance level , now if the price action drops from this point to form the handle of this cup then we can see a bull flag formation, down channel or pennant and wait for the breakout which will lead to a massive bull rally which can easily breakout the resistance of the cup, so don’t worry this pull back can be temporary.
I will be keep posting more updates as receive more development in price action of Bitcoin.
Regards,
Atif Akbar (moon333)
We have also seen that the price action of leading cryptocurrency was moving within a down channel on day chart and finally it has broken out the resistance of the channel.
Now the simple moving averages with the time period of 25, 50, 100 and 200 are likely to form an opened alligator’s mouth as they formed in May 2019.
Sofar the 25 simple moving average has crossed up all other simple moving averages and 50 SMA has crossed up the 100 SMA now there is a golden cross expected between 50 SMA and 200 SMA which can produce more powerful bullish move coz golden cross between 50 SMA and 200 SMA is thought to be an ideal golden cross and bullish signal among the traders and then finally we will have a golden cross between 100 SMA and 200SMA which will lead to the completion of opened Alligator’s mouth.
Most powerful bullish signal is that the ichimoku cloud on month chart is turned bullish this is the 30% bullish signal rest of the 70% strong bullish signal for a very powerful bullish rally will be confirmed when the lagging span of ichimoku cloud will cross up the price action and conversion line and base line will form bull cross with each other, like they formed bull cross in Sep 2016 and then we have seen the highest price ever in the history of BTC at 20K in 2019.
In my previous post on day chart we have seen another very interesting cup & handle pattern has been formed and this is a strong bullish continuation trend signal.
The wave down and wave up are moved very soft and round shape like a real cup's body, there is no V shape or hard corners and this is a fact that as much this shape will be soft or U shape rather V or hard corner shape as much the Cup & Handle pattern will be true and confirmed.
Upto yesterday we were almost at the resistance of the cup which is at: $9819.92 now the price action has hit the spike upto this level and now it can move down or we can have a pull back from here coz today price action has hit this resistance level , now if the price action drops from this point to form the handle of this cup then we can see a bull flag formation, down channel or pennant and wait for the breakout which will lead to a massive bull rally which can easily breakout the resistance of the cup, so don’t worry this pull back can be temporary.
I will be keep posting more updates as receive more development in price action of Bitcoin.
Regards,
Atif Akbar (moon333)
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