Bitcoin: Higher Time Frame Breakout Series - Monthly
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:
The monthly chart is the only thing that needs something to really make it bullish is a higher high and a higher low. If we close the monthly above $7,725 then that would technically be a higher high. If we can get a higher low compared to the local low at $3,122 then that would be the higher low then it would be overall bullish and would technically be an uptrend on the monthly time frame.
Stochastics %K (blue) had a bullish cross above the %D (purple) and out of the bearish critical area, as long as Bitcoin doesn’t go down to sub $5,500 by the end of the month then it should close above and that would be a confirmed cross to the upside which hasn’t happened since July 2015.
RSI just crossed above the ema and headed towards the bullish control zone, same deal with the stochs, as long as Bitcoin doesn’t crash then this should be a confirmed cross, this hasn’t happened since November 2015. Now we could have a confluence of both the RSI crossing it’s ema and stochs having a bullish cross, which didn’t happen back in the last cycle, it was delayed.
Regarding moving averages, ever since Bitcoin closed above the 21 ema around $5,300 it’s been very bullish and I wrote about this in one of my previous articles here
Overall this chart needs a higher high and a higher low to make it fully bullish technically.
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:
The monthly chart is the only thing that needs something to really make it bullish is a higher high and a higher low. If we close the monthly above $7,725 then that would technically be a higher high. If we can get a higher low compared to the local low at $3,122 then that would be the higher low then it would be overall bullish and would technically be an uptrend on the monthly time frame.
Stochastics %K (blue) had a bullish cross above the %D (purple) and out of the bearish critical area, as long as Bitcoin doesn’t go down to sub $5,500 by the end of the month then it should close above and that would be a confirmed cross to the upside which hasn’t happened since July 2015.
RSI just crossed above the ema and headed towards the bullish control zone, same deal with the stochs, as long as Bitcoin doesn’t crash then this should be a confirmed cross, this hasn’t happened since November 2015. Now we could have a confluence of both the RSI crossing it’s ema and stochs having a bullish cross, which didn’t happen back in the last cycle, it was delayed.
Regarding moving averages, ever since Bitcoin closed above the 21 ema around $5,300 it’s been very bullish and I wrote about this in one of my previous articles here
Overall this chart needs a higher high and a higher low to make it fully bullish technically.
For the bearish case see
