BITCOIN - 10 Reasons to BUY BTC!
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Here are 10 reasons why you should consider to buy Bitcoin right now and why I think that a possible next leg upwards is waiting just around the corner.
1. Yesterday's candle close was above the $8,000 above the psychological number - $8,000 is a round number and it should act as a resistance level but the price manages to close above of it.
2. Yesterday's candle close made a break above the triangle (red lines). Chart pattern breakouts are usually really good when the breakout has occurred into the trend direction. At the moment, the trend is definitely upwards and the breakout has occurred upwards, so, really nice. Also, the breakouts are more reliable on the higher timeframes. If the breakout above or below the chart pattern has occurred on the 1H timeframe then this is a bit weaker breakout than on the Daily, as it is right now, perfect!
3. EMA 8 & 21 on the 4H timeframe have a Golden Cross which is good confirmation for further movements upwards after the breakouts.
4. EMA 100 & 200 have a Golden Cross on the Daily chart, which is supporting that current breakout into the trend direction.
5. Break above the small Bull Flag. It has made yesterday but still, we can count this as a momentum sign.
6. We have an unusual chart pattern. Actually, we have a chart pattern but in an unusual area. The pattern is an Inverted Head and Shoulders(IHS). Usually, the IHS is a reversal chart pattern and it occurs at the end of a downtrend but currently, it is top of the trend and it doesn't work as a reversal pattern. Currently, it is just a small indication for further movements upwards and it should work as a slight continuation pattern. The pattern gets valid after the break above the neckline, let's say a candle close above the strong area at $8,200. Then we have again 2 in 1 - break above the chart pattern and break above the strong area at $8,200
7. Usually, the resistance areas getting weaker after every hour after every day when the price stays into the resistance area. If the price stays into the previously noted resistance or support area too long then it decreasing the trade success rate. Currently, we waited for throwback and actually we got it but the price climbed still back into this area and probably it is ready to make another leg upwards because it has been too long in this resistance area, which is actually pretty strong.
8. The last Weekly candle close gave us a 66% probability, over a small sample size, that the price may go to the higher levels.
Over the past, the Weekly candle has closed above the $8,000 price level three times.
Two times it has moved upwards:
- Breakthrough on 2017 November guided the Bitcoin price into the ATH ( all-time high), close at $8,031
- Breakthrough on 2018 April guided the price to the $10,000 price level, close at $8,355
One time it had a fakeout
- Breakthrough on 2018 July was a fakeout, close at $8,216 and next week the candle goes back below $8,000.
9. Lately, we have seen pretty good fundamentals and Bitcoin is again on the bigger picture.
10. Feel free to support my effort by hitting the "LIKE" button, it is my only fee from You and this will help to pump BTC price into the higher levels!
;)
Have a nice weekend,
Cheers!
1. Yesterday's candle close was above the $8,000 above the psychological number - $8,000 is a round number and it should act as a resistance level but the price manages to close above of it.
2. Yesterday's candle close made a break above the triangle (red lines). Chart pattern breakouts are usually really good when the breakout has occurred into the trend direction. At the moment, the trend is definitely upwards and the breakout has occurred upwards, so, really nice. Also, the breakouts are more reliable on the higher timeframes. If the breakout above or below the chart pattern has occurred on the 1H timeframe then this is a bit weaker breakout than on the Daily, as it is right now, perfect!
3. EMA 8 & 21 on the 4H timeframe have a Golden Cross which is good confirmation for further movements upwards after the breakouts.
4. EMA 100 & 200 have a Golden Cross on the Daily chart, which is supporting that current breakout into the trend direction.
5. Break above the small Bull Flag. It has made yesterday but still, we can count this as a momentum sign.
6. We have an unusual chart pattern. Actually, we have a chart pattern but in an unusual area. The pattern is an Inverted Head and Shoulders(IHS). Usually, the IHS is a reversal chart pattern and it occurs at the end of a downtrend but currently, it is top of the trend and it doesn't work as a reversal pattern. Currently, it is just a small indication for further movements upwards and it should work as a slight continuation pattern. The pattern gets valid after the break above the neckline, let's say a candle close above the strong area at $8,200. Then we have again 2 in 1 - break above the chart pattern and break above the strong area at $8,200
7. Usually, the resistance areas getting weaker after every hour after every day when the price stays into the resistance area. If the price stays into the previously noted resistance or support area too long then it decreasing the trade success rate. Currently, we waited for throwback and actually we got it but the price climbed still back into this area and probably it is ready to make another leg upwards because it has been too long in this resistance area, which is actually pretty strong.
8. The last Weekly candle close gave us a 66% probability, over a small sample size, that the price may go to the higher levels.
Over the past, the Weekly candle has closed above the $8,000 price level three times.
Two times it has moved upwards:
- Breakthrough on 2017 November guided the Bitcoin price into the ATH ( all-time high), close at $8,031
- Breakthrough on 2018 April guided the price to the $10,000 price level, close at $8,355
One time it had a fakeout
- Breakthrough on 2018 July was a fakeout, close at $8,216 and next week the candle goes back below $8,000.
9. Lately, we have seen pretty good fundamentals and Bitcoin is again on the bigger picture.
10. Feel free to support my effort by hitting the "LIKE" button, it is my only fee from You and this will help to pump BTC price into the higher levels!
;)
Have a nice weekend,
Cheers!
Note
:DNote
First target reached, a new long-term higher high confirmed and new short-term higher high is confirmed!Thanks for the supporters, sad story for haters!
Have a nice weekend!
Cheers!
Note
The first arrow after the breakout was drawn into the $8,775 because there is a price level which has worked several times as a resistance and as a support level (from past).Also, in this area, we have an ABC equal waves C point, plus Fibonacci Extension. So, currently, it is hard to say what the price does, the resistance is pretty decent. Considering that idea, you should be on the long side on BTC. So, if today's candle closes like it is right now then you should consider taking some partial profits because we might see a little correction, let's say it would have a bit safer.
In summary, definitely, we can't short it because of the too low count of selling criteria and if you don't followed my idea from the beginning then currently it is too late for short-term buying also. Let's collect some data from the current levels and let's wait for confirmations.
Thank you all for the support, thank you all for those great and nice words!
Have a great week,
Cheers!
Note
NEW BTC Idea Post:
If you appreciate my work then hit the "LIKE" ;)
All the best!
Note
New BTC idea post - really strong bounce area:
Feel free to support this idea post by hitting the "LIKE" button!
All the best!
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