Bitcoin Hitting The Resistance This Candle Can Be Make Or Break
As in my post from April 2019 I predicted that leading cryptocurrency will form a bullish Gartley pattern after that we have seen that the pattern has been completed and Bitcoin was entered in potential reversal zone of this gartley pattern.
This pattern was very big as it could be seen on 2 month chart and as per chart the price line was expected to enter in Fibonacci projection area of A to D leg of this complete Gartley pattern from 0.382 to 0.786 Fibonacci which was between:
$ 10121.58 to $ 16360.97
Now after today’s bullish rally the price action has hit this Fibonacci projection level and entered between 0.382 to 0.786 Fibonacci.
Post From April 2019:
Post After Completion Of Gartley Pattern:
Now What Next?
Even after the price action has entered in potential sell zone of bullish Gartley but all indicators and signals are still strong bullish.
Moving Averages:
We have already seen that 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.
Ichimoku Cloud And Other Indicators:
The ichimoku cloud on month chart was also turned bullish this was the 30% bullish signal rest of the 70% strong bullish signal for a very powerful bullish rally are still awaiting and those signals would 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.
On month chart stochastic has given bull cross and moving average convergence divergence (MACD) is also turned strong bullish after July 2019 and Chop zone finally turned strong bullish.
New Up Channel Is Formed:
Now the price action of Bitcoin has formed another up channel on day chart and moving within this channel in the meanwhile it is hitting the support and resistance of channel, currently the candle sticks are hitting the resistance of this channel.
We can also see that priceline is making higher than the previous highs and forming higher supports within this channel which shows that bull are completely driving the priceline.
We can also use the support of this channel to exit from the trade or as stop loss.
The Cup & Handle Pattern Is Still In The Play:
In previous article we have seen the below Cup & Handle pattern was been formed and the price action was hitting the resistance of cup at $9819.92 level and likely to have a pull back to start the formation of handle of this cup.
But sofar the candle stick is not completely closed above this resistance of $9819.92 therefore there are still chances of pull back which can lead to design the handle of this cup and after this pull back we can witness a stronger bullish move than previous one but if any candle stick will be closed above this resistance then it can hit the next resistance level at $10940.
I will be keep posting updates as receive more developments from Bitcoin’s price action.
Regards,
Atif Akbar (moon333)
This pattern was very big as it could be seen on 2 month chart and as per chart the price line was expected to enter in Fibonacci projection area of A to D leg of this complete Gartley pattern from 0.382 to 0.786 Fibonacci which was between:
$ 10121.58 to $ 16360.97
Now after today’s bullish rally the price action has hit this Fibonacci projection level and entered between 0.382 to 0.786 Fibonacci.
Post From April 2019:
Post After Completion Of Gartley Pattern:
Now What Next?
Even after the price action has entered in potential sell zone of bullish Gartley but all indicators and signals are still strong bullish.
Moving Averages:
We have already seen that 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.
Ichimoku Cloud And Other Indicators:
The ichimoku cloud on month chart was also turned bullish this was the 30% bullish signal rest of the 70% strong bullish signal for a very powerful bullish rally are still awaiting and those signals would 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.
On month chart stochastic has given bull cross and moving average convergence divergence (MACD) is also turned strong bullish after July 2019 and Chop zone finally turned strong bullish.
New Up Channel Is Formed:
Now the price action of Bitcoin has formed another up channel on day chart and moving within this channel in the meanwhile it is hitting the support and resistance of channel, currently the candle sticks are hitting the resistance of this channel.
We can also see that priceline is making higher than the previous highs and forming higher supports within this channel which shows that bull are completely driving the priceline.
We can also use the support of this channel to exit from the trade or as stop loss.
The Cup & Handle Pattern Is Still In The Play:
In previous article we have seen the below Cup & Handle pattern was been formed and the price action was hitting the resistance of cup at $9819.92 level and likely to have a pull back to start the formation of handle of this cup.
But sofar the candle stick is not completely closed above this resistance of $9819.92 therefore there are still chances of pull back which can lead to design the handle of this cup and after this pull back we can witness a stronger bullish move than previous one but if any candle stick will be closed above this resistance then it can hit the next resistance level at $10940.
I will be keep posting updates as receive more developments from Bitcoin’s price action.
Regards,
Atif Akbar (moon333)
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