Happy 4th of July ! Before celebrating the holiday, before getting too drunk, I decided to look at several charts of Bitcoin (Bitcoin/Dollar). First, this is the weekly chart.
Everything about this chart is bullish. Lagging span (1), Conversion line (2), Base line (3), and Cloud (4) are all rising. This chart is a great example of the uptrend.
Now, let's move down to the daily chart.
This does not look as bullish as the weekly chart. What the daily chart showing us is that Bitcoin is in a pullback from the June 12 high. Prices are still above the cloud. This tells us Bitcoin's uptrend is intact. Take a look at the MACD (A). The MACD line is starting to curl up, and it looks ready to give us a buy signal by crossing above the signal line.
Let's look at the one more chart. Below is the 240-minute chart.
Recently, Bitcoin broke out above the cloud(1). This was a buy signal for some traders. Currently, the price is testing the conversion line(2), and so far this test looks successful. We see a minor resistance level at $2640(3). In other words, breaking above $2640 is next buy signal. The indicator (4) you see is the MACD from the daily chart. I suspect the MACD line is going to cross above the signal line as soon as Bitcoin takes out $2640.
