Bitcoin: Higher Time Frame Breakout Series - 2 Day
CoinSavvy here with a breakout update, we are going to focus on different time frames to give us a heads up of what is to come after this breakout is finished rallying, so far though very exciting and if you look back at my post from the 17th here 
you can see that the 3 day closed above the 200 sma and how I wrote if that happens then Bitcoin is going to around $9,500.
To gain maximum perspective, we should look at low, medium, high and macro time frames. This is so we can put the puzzle together and see the big picture to make educated game plans to execute depending on whatever scenario plays out.
I am creating multiple chart analysis for the high and macro time frames starting with the Daily then the 2 Day, 3 Day, Weekly and Monthly.
Analysis:
Looking at the 2 day, another very strong close above $8,700. There’s been two potential bullish things happen regarding moving averages.
The 55 ema (pink) crossed above the 200 ema (light blue) which is a golden cross, these are very powerful, and it shows the overall trend so far has been extremely bullish on higher time frames. Another long-term bullish thing is the 89 ema (orange) getting above the 377 ema (purple). As long as price action doesn’t suddenly come down to $5,000 by tomorrow at 8pm EST then these ema crosses will be confirmed. All the smaller moving averages are getting above the larger ones, this is indicating to us that the long term is looking good for Bitcoin, we can see this in all medium and higher time frames.
Stochastics %K (blue) had a bullish cross above the %D (purple) a few ticks back and we’ve been pointing up ever since in the critical zone, which for longer term strong trending moves can stay up here for quite some time, just looking back in history you can see this point proven (the entire month of May 2017 had stochs in the critical territory) Stochs looking like it wants some more up action.
RSI just had a fresh cross above the ema and we are in the critical zone, same deal applies to the RSI, when we are in a strong trending move this can be in critical zones for quite some time (Once again, May 2017 and multiple other areas) RSI looking like it wants more up. If we get up to $9,500 even $10,000 and put in a local top up there (candlestick ticking below previous candlestick low that put in the high) then that makes way for some potential nasty bearish divergence since we could have a lower high on the RSI but a higher high with price action. Whenever bearish divergence takes place I tend to look at the 21 ema on whatever time frame it occurs on for an immediate target, with the 2 day that comes in around $6,850, by the time this move puts in its local top it could be up at $7,000.
Overall I would say the 2 day bulls are in control it wants to see a $9,500 Bitcoin before it retraces.
For the bearish case see
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis.
To gain maximum perspective, we should look at low, medium, high and macro time frames. This is so we can put the puzzle together and see the big picture to make educated game plans to execute depending on whatever scenario plays out.
I am creating multiple chart analysis for the high and macro time frames starting with the Daily then the 2 Day, 3 Day, Weekly and Monthly.
Analysis:
Looking at the 2 day, another very strong close above $8,700. There’s been two potential bullish things happen regarding moving averages.
The 55 ema (pink) crossed above the 200 ema (light blue) which is a golden cross, these are very powerful, and it shows the overall trend so far has been extremely bullish on higher time frames. Another long-term bullish thing is the 89 ema (orange) getting above the 377 ema (purple). As long as price action doesn’t suddenly come down to $5,000 by tomorrow at 8pm EST then these ema crosses will be confirmed. All the smaller moving averages are getting above the larger ones, this is indicating to us that the long term is looking good for Bitcoin, we can see this in all medium and higher time frames.
Stochastics %K (blue) had a bullish cross above the %D (purple) a few ticks back and we’ve been pointing up ever since in the critical zone, which for longer term strong trending moves can stay up here for quite some time, just looking back in history you can see this point proven (the entire month of May 2017 had stochs in the critical territory) Stochs looking like it wants some more up action.
RSI just had a fresh cross above the ema and we are in the critical zone, same deal applies to the RSI, when we are in a strong trending move this can be in critical zones for quite some time (Once again, May 2017 and multiple other areas) RSI looking like it wants more up. If we get up to $9,500 even $10,000 and put in a local top up there (candlestick ticking below previous candlestick low that put in the high) then that makes way for some potential nasty bearish divergence since we could have a lower high on the RSI but a higher high with price action. Whenever bearish divergence takes place I tend to look at the 21 ema on whatever time frame it occurs on for an immediate target, with the 2 day that comes in around $6,850, by the time this move puts in its local top it could be up at $7,000.
Overall I would say the 2 day bulls are in control it wants to see a $9,500 Bitcoin before it retraces.
For the bearish case see
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis.
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.