2018-7-30 19:35 |
A combination of bullish Bitcoin (BTC) news and candlestick formations hints of possible higher highs through Q3 2018. Overly, we remain bullish and this is despite the SEC stance. Regardless, it’s likely that Bitcoin (BTC) which is up nine percent for the week might continue trending higher towards $10,000 and later $11,800.
News Highlights Wells Fargo and Gallup Survey reveal that investors between 18 to 49 years know what Bitcoin and cryptocurrencies are. However, most Americans consider Bitcoin to be very risky to invest in. This is a stark contrast to investors in the UK where up-to 21 percent of the surveyed population would rather invest in Bitcoin that real estate according to a survey by Get Living. Bill Miller, the Founder of Miller Value Partners, thinks Bitcoin is an interesting technological experiment and is resilient. Says with every passing day, money continue to flow into the Bitcoin and crypto ecosystem despite growing regulatory intervention. Sergey Solonin’s Qiwi CEO and Founder admits losing 500,000 BTCs in 2011 Bitcoin-centric investment firm, Pantera Capital registers a 10,000 percent return on investment after five years. Bitcoin (BTC) Technical Analysis Weekly Chart Click here to see the full Bitcoin Weekly Chart by Trading ViewApart from the obvious vibrant Bitcoin fundamentals, Bitcoin candlestick formation points to a recovering market. After week ending July 22 bullish engulfing candlestick, most Bitcoin traders were waiting for the confirmation of that double bar bullish reversal pattern right off the main support line at $6,000.
It did happen because last week not only did we see buyers edging higher but the fact that there was a marked increase in trade volumes—up to 240k from 202k indicates growing investor interest.
Besides, last week’s trading month is well above the weekly average of May-June at around 180k further cementing our assertions that there is a shift of momentum from bearish to neutral and now bullish.
Either way, our stand has been set and while we can oscillate from neutral to bullish, my Bitcoin (BTC) trade plan for this week is to ramp up on dips in lower time frames (4HR charts) with first targets at $10,000 in line with our last Bitcoin (BTC) trade plan.
Daily Chart Click here to see the full Bitcoin Daily Chart by Trading ViewIn this time frame, the precedence has been set. Considering price formations in the weekly chart, the best trade approach for those who are long is to lock in some profits at or around $7,800 intermediate support.
Those who are yet to go enter the trade can either set long trigger at July 24 highs at $8,500 or wait to load on dips at around July 24 lows at $7,800-$8,000.
Remember, for the past week Bitcoin (BTC) prices have been oscillating within July 24 high low meaning sell momentum is too weak to build back and perhaps drop below $7,500. First targets would be at May highs at $10,000 with second targets at March highs at $11,800.
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Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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