Bitcoin: Is BTC Setting Up for a Weekend Trip to the Moon?

sjanderson144 (35)in #bitcoin • 7 years ago (edited)

weekend moon.PNG

Barring an epic collapse in price, at the close of trading tomorrow, the daily chart of Bitcoin will experience a bullish moving average crossover with the fast 12 EMA rising above the 26 EMA on a daily closing basis.

The last time this event happened was in late September 2017.

The 4-hour chart from that period might be a model for how the price action may play out in the coming days.

September 2017

In late September and early October 2017, the daily chart experienced the aforementioned bullish crossover and then pulled back to retest the moving averages.
daily Oct.PNG

A look at the 4-hour chart shows us the dip took the 4-hour RSI below 40, before surging higher.
4-hour Oct.PNG

Current Price

The daily chart is currently showing a bullish moving average crossover, though not yet on a daily closing basis.
daily now.PNG

As show above, if the 4-hour chart behaves like the version from early October 2017, this weekend could be moon time.
weekend moon.PNG

DISCLAIMER

This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action.