Lots to say about the current Weekly chart setup for BTCUSD.
A strong rally would take price to $14,000, a 17% gain from current price of $12,000.
At which point price would hit key resistance and we would expect a consolidation range to form between 12,000 and 14,000 possibly with high volatility.
Overall the technical assessment is strongly bullish and we'll see how this starts to play out over the coming few days at lower time-frames.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
- Bright pink horizontal lines show the 2.5-year consolidation range which bitcoin is now re-testing.
- Circled in blue shows TK cross-overs (short-term moving averages used by Ichimoku Indicator) with the blue line crossing above the red line. Very bullish sign.
- Current price is now above the cloud (very bullish sign) although that did happen in June 19 (circled in bright yellow) but price reversed to the downside — so not enough evidence alone for bull run.
- Circled in bright green is the end of the Ichimoku Cloud which is recently turning green for the first time since previous ATH. Very bullish sign.
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A strong rally would take price to $14,000, a 17% gain from current price of $12,000.
At which point price would hit key resistance and we would expect a consolidation range to form between 12,000 and 14,000 possibly with high volatility.
Overall the technical assessment is strongly bullish and we'll see how this starts to play out over the coming few days at lower time-frames.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
