We have witnessed a great battle in recent times, and much to the relief of many, saner heads have prevailed.
1) In a textbook breakout pattern, we have recently broken out of the downtrend line and came back to touch it before taking off again. I waited for the recent bounce on the line as there was the possibility of reentering the bear channel as price did on Feb 20th but it seems we are good to go!
2) 4H Ichimoku cloud has just crossed bullish with the price already on the upside of the cloud. This is one of my favorite bull trend signals due to its trending reliability. (The price wasn't very high above so it is not something to bet all your eggs on but noteworthy regardless).
3) The 26/02/2018 12:00 4H enormous volume candle is the primary signal I was awaiting for the shift of tides from the bearishness to bullish again (see attached bearish chart), coupled with this successful breakout, that candle is now a confirmed bull trend turnaround candle. As indicated by the green arrows, this bottom happened on a powerful support that sent the price rocketing back up previously on 17/01/2018. This recent volume spike at that level has confirmed the recurrence of such strength which is what was needed to get through and stay through the downtrend line.
4) As you all may see the 0.382 fib has been strongly tested multiple times and is set to break considering it was broken the last time it was tested on 20/02/2018 weakening its strength and now we're coming back for more.
5) Upside target of this move after the 0.382 break is the next order block at 13800 at the red median line of the 2 1/2 year pitchfork. *As shown by the Volume by Price for the Visible Range indicator on the right hand side, there are no order blocks that will provide resistance until 13800.
It seems we are off to the races, may march bring great bullishness to all!
Act now or fourth ever hold your peace.
-FF
(SEE COMMENT)
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That is all.
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Bullish hammer on the daily, rocket boosters primed and ready
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P.S we also closed above the previous daily local high, a bullish confirmation signal
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The move up got rejected by log resistance, going to be waiting here, there may be a bearish case due to such high volume selling
@portfoliox, I said it there and I'll say it here, your trend line simply isn't valid, you are bending the market to your thoughts, not your thoughts to the market, the former will lead to rekt, the latter is how to successfully trade.
Point being, your trend line isn't touching the 17k bull trap bounce high which was then broken out of a week ago, and has been broken out of again and retested proving its existence there again and again. Just look at the chart, its undeniable.
portfoliox
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@FourthFloor,my btc charts were all right, check them. Others copy paste and called false breakout at 11.800