Bitcoin about to blast off if the weekly candle closes engulfing

1 minute read

The month chart shows the kijun line aligns with the monthly support/resistance line at $10,724. That bullish engulfing candle is not yet finalized so don’t take it as a signal yet. So maybe neutral, may correct, consolidate, but a bit bullish since the candle is out there forming.

monthy chart

2week chart

Just look at the long bottom wicks, someone’s accumulating.

Weekly Chart

Weekly chart

So the weekly chart has a short term target around $11,421 based support and resistance levels. The price will likely reach there because of a bullish engulfing pattern forming and it will be final in a few hours.

Three Day Chart

3day chart

You can see the Ichimoku cloud almost perfectly aligns with the support lines I’ve drawn from higher timeframes. Also added resistance/support lines based from Tenkan and Kijun lines.

Daily Chart

day chart

Probably hit $11,175 or more likely $11,421 which is the top line of the daily Ichimoku cloud (resistance). And then it will correct to re-test the support levels indicated.

Four Hour Chart

4hr chart

There’s no bearish formation. There is a channel testing every resistance levels up to $11,803. For daytraders, these could be your “Take profits” TP levels.

Hourly chart

Smoy asks when to enter into trade: During a pullback or when it breaks a resistance level? Looking at the hourly chart, I would rather buy the breakout of the resistance at $11,019 because the price is much nearer there. The second option is buying the retest of the nearest support level at $10,889 when the KDJ indicator turns red (hourly) and then about to turn green. This could go deep so, wait for the KDJ to turn green again.

hr chart

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