This chart changed is feeding my bullish bias. I thinking we could break down from this formation but i kinda changed my mind and I think BTC will continue to grow.
A lot of effort put into this one, Hope you enjoy it.
I recommend zooming out~
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Wtf at my typo above, i was a bit tired it seems :).. A) We can here see the senkou cloud is acting as resistance right after the end of the triangle around 7000$. We had a similar resistane cloud in 2015 as well.
B) We also have the same price contraction and triangle formation where the price is consolidating at the end of the triangle.
C) If we look back at previous pattern from 2015 and look at divergences, accumulation/distribution and volume we can see this:
Lets now look at 2018, at the weekly chart we can still see that accumulation is trending up interestingly. We also see normal bullish divergence here.
On smaller timeframe we have a clear hidden bullish divergence, the resistance of the senkou cloud is clearly becoming smaller as we progress, this tells me we will most likely have a successful breakout to the upside in the near future.
I suggest a retracement to low 6400$ before next leg up. Cya soon.
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low 6400$ hit as i mentioned above, but i think we need further retracement before we can see any upside. 6250$ is probably the target for the next leg down.
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Target hit! Now, I see BTC making a 1000$ move up seemingly random in the next 2-3 weeks.... But lets follow what we can see now, we hit low 6200 but stabilized around 6270 for now. I Will get back with a analysis soon.