Bitcoin candle history points to continuation of uptrend
Hello tradingview community,
For the purposes of this analysis I am not concentrating on price targets, but looking at what I believe to be some history that points to a continuation of the new uptrend/bull market.
Highlighted on this chart by arrows we can see impulse waves followed by a bearish long bodied engulfing candle, and then, in the case of the 2017 and 2019 runs, a larger bullish engulfing candle followed by a parabolic move up.
Bitcoin is currently moving in the direction of another one of these moves. I believe a weekly close above the level of the last week's bearish engulfing candle will signal a continuation of the current uptrend and a potential impulse move above the long term downtrend resistance line.
Please upvote if you like this analysis and feel free to comment with any opposing or corroborating view points.
Thank you all and good luck in 2020 and beyond.
Rom
For the purposes of this analysis I am not concentrating on price targets, but looking at what I believe to be some history that points to a continuation of the new uptrend/bull market.
Highlighted on this chart by arrows we can see impulse waves followed by a bearish long bodied engulfing candle, and then, in the case of the 2017 and 2019 runs, a larger bullish engulfing candle followed by a parabolic move up.
Bitcoin is currently moving in the direction of another one of these moves. I believe a weekly close above the level of the last week's bearish engulfing candle will signal a continuation of the current uptrend and a potential impulse move above the long term downtrend resistance line.
Please upvote if you like this analysis and feel free to comment with any opposing or corroborating view points.
Thank you all and good luck in 2020 and beyond.
Rom
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