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This is the cleanest chart on tradingview at the moment using pure Technical Analysis, showing Bitcoin in a large yellow ascending triangle mid-term and the short-term Bitcoin being in an orange falling wedge. Several signs of confluence have appeared to us in the past weeks that converge towards the buy and support area of $9,250-9,000:
1. 1W Midband/Support or 21 WEMA Support 2. Bottom of orange falling wedge 3. Target of the small H&S (not represented on this chart for cleanness) 4. Double/triple bottom 5. Bottom of yellow ascending triangle 6. An old fractal that we are not sharing here (join our membership to get access)
All signs are there for a buy/long opportunity at $9,250-9,000 around my custom cycle on August 26 (max August 31 Monthly close). Also notice that my custom cycle shows a potential Bitcoin uptrend developing starting September 16-17 going into the BAKKT launch on September 23rd. Let's be patient and catch it.
Happy trading and best of luck!
Operación activa
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Bitcoin broke out of the potential orange wedge I had outlined on the main chart but retraced that break out fully back down. At the moment Bitcoin is hanging near the bottom of the yellow dotted neckline shown on the revised chart below. If that neckline at $10,000 breaks, then there is a chance that we see that retest of the 1W Bollinger Midband which has now moved to $9,125 since Sunday.
If the support holds until September 6, then chances are high that the bulls break out past the resistance at $10,450-10,550 and head over to $10,840 to trigger a new uptrend which would take us to $16,000-17,000 within few months.
The optimal buy area has hence moved to $9,350-9,125 for this week.
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Finally Bitcoin broke down below the yellow dotted neckline at $10,000 ending the sideways and is heading towards the next buy 1W midband area at $9,350-9,125.
Look to buy there as originally advised.
So far the original idea is playing out as expected.
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Buy target hit at $9,350-9,125 although we hit the top of the buying range, there is a slim window today to wick down through $9,250-9,125 but it may not happen and instead we may see the market surge strongly to $10,000+ for the Monthly close tomorrow.
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$10,000 nearly hit as I type this although with a slight delay after the Monthly closed. The bulls are in control and we should see $10,200-10,500 strong resistance hit by September 5th before a pull back to $9,700-9,620 roughly to test the yellow bull neckline once again + more sideways
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$10,200-10,500 was hit few days earlier than anticipated!
We should see a pull back to $9,700-9,620 roughly in few days again as Bitcoin accumulates for the bull trend that should activate by September 16-17.
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Change of plan guys, if you saw my twitter and telegram channels you most likely noticed that we are not expecting anymore downside to $9,700-9,620.
Instead we have bottomed at $10,250-10,100 so look to buy there again if it gets hit in the next 24 hours as we will be going for a break out by Wednesday and start an uptrend towards $12,200-12,580
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Playing out nicely so far! Most accurate chart so far on Tradingview
This is a 12h chart. Weekly BBAND midline would be here.
BitcoinGuru
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@CryptoParadyme, You cannot generate the 1W midband using a 12H timeframe chart.
Here is the 1W timeframe and its midband. Currently at $8,865 roughly and it will move up to $9,000 in 1 hour
BitcoinGuru
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@BitcoinGuru, I suggest you also look at the 1W midband going back to 2015-2017 and observe it and see how how it behaved as support during the uptrend! Best of luck