{"id":5298,"date":"2018-09-04T14:03:27","date_gmt":"2018-09-04T18:03:27","guid":{"rendered":"https:\/\/www.morpheustrading.com\/blog\/?p=5298"},"modified":"2022-04-06T15:03:35","modified_gmt":"2022-04-06T19:03:35","slug":"btc-breakout-6800","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/btc-breakout-6800\/","title":{"rendered":"Bitcoin Technical Analysis: $BTC-USD Chart More Bullish"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">TABLE OF CONTENTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/morpheustrading.com\/blog\/btc-breakout-6800\/#Last_week_we_officially_launched_our_new_cryptocurrency_swing_trading_newsletter_for_Bitcoin_technical_analysis_%E2%80%94_CryptoPicks\" >Last week, we officially launched our new cryptocurrency swing trading newsletter for Bitcoin technical analysis &#8212; CryptoPicks.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/btc-breakout-6800\/#BITCOIN_vs_US_DOLLAR_weekly_chart_looking_more_bullish_BTC-USD\" >BITCOIN vs. US DOLLAR weekly chart looking more bullish ($BTC-USD)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/btc-breakout-6800\/#BTC-USD_Trade_Management\" >$BTC-USD Trade Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/morpheustrading.com\/blog\/btc-breakout-6800\/#Technical_Analysis_of_Bitcoin_Cryptocurrency_%E2%80%93_September_2_2018_video\" >Technical Analysis of Bitcoin Cryptocurrency &#8211; September 2, 2018 (video)<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Last_week_we_officially_launched_our_new_cryptocurrency_swing_trading_newsletter_for_Bitcoin_technical_analysis_%E2%80%94_CryptoPicks\"><\/span>Last week, we officially launched our new cryptocurrency swing trading newsletter for Bitcoin technical analysis &#8212; <em>CryptoPicks<\/em>.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin ($BTC-USD) was trading just above 6,700 at that time (Aug. 27).<\/p>\n<p>It was also attempting to break out from a bullish consolidation pattern with higher lows.<\/p>\n<p>Due to the bullish price action, we <a href=\"https:\/\/www.morpheustrading.com\/blog\/bitcoin-crypto-technical-analysis\/#report\" target=\"_blank\" rel=\"noopener\">listed<\/a> $BTC-USD as a short-term crypto trade entry in that <a href=\"https:\/\/www.morpheustrading.com\/blog\/bitcoin-crypto-technical-analysis\/\" target=\"_blank\" rel=\"noopener\">first issue<\/a> of <em>CryptoPicks<\/em>.<\/p>\n<p>We bought $BTC-USD at market around the 6,800 level, while setting a protective stop at 6,049 (below support of the prior low).<\/p>\n<p>The next day, Bitcoin followed through with a breakout above short-term resistance and past the 7,000 mark.<\/p>\n<p>$BTC has been trending steadily higher off the August lows since then, and is currently showing a\u00a0<strong>+8.1%<\/strong>\u00a0<strong>gain<\/strong> since our Aug. 27 buy entry.<\/p>\n<p>The chart below shows the original trade setup listed for\u00a0<a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noopener\"><em>CryptoPicks<\/em><\/a> subscribers at the time of buy entry:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5303\" src=\"https:\/\/www.morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-chart-breakout.png\" alt=\"bitcoin-swing-trade\" width=\"650\" height=\"609\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-chart-breakout-110x103.png 110w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-chart-breakout-300x281.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"BITCOIN_vs_US_DOLLAR_weekly_chart_looking_more_bullish_BTC-USD\"><\/span><strong>BITCOIN vs. US DOLLAR weekly chart looking more bullish ($BTC-USD)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The weekly chart of $BTC-USD (below) remains in <a href=\"https:\/\/www.investopedia.com\/terms\/s\/sidewaystrend.asp\" target=\"_blank\" rel=\"noopener\">chop mode<\/a>, but the past five weeks of trading (the pullback and bounce up) look much different from the last two pullbacks.<\/p>\n<p>The price tightened up considerably in August, with the 10-week moving average (teal line) starting to turn up.<\/p>\n<p>If the 10-week moving average continues turning higher and crosses above the 40-week moving average (orange line), it will be an important<strong> bullish signal for Bitcoin<\/strong> <strong>traders. <\/strong><\/p>\n<p>Notice on the chart below that each major pullback within this year&#8217;s consolidation has been less substantial:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5300\" src=\"https:\/\/www.morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-weekly-chart.png\" alt=\"btc-technical-analysis\" width=\"643\" height=\"766\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-weekly-chart-92x110.png 92w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-weekly-chart-252x300.png 252w\" sizes=\"auto, (max-width: 643px) 100vw, 643px\" \/><\/p>\n<p>Ideally, we&#8217;d like to see another week or two of higher prices, followed by 2-5 weeks of sideways consolidation that holds above the rising 10-week moving average.<\/p>\n<p>If the price action plays out in this scenario, then we could see an intermediate-term buy signal emerge off the lows.<\/p>\n<p>Check it out:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5301\" src=\"https:\/\/www.morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-weekly-chart2.png\" alt=\"bitcoin-weekly-chart\" width=\"643\" height=\"766\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-weekly-chart2-92x110.png 92w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2018\/09\/bitcoin-weekly-chart2-252x300.png 252w\" sizes=\"auto, (max-width: 643px) 100vw, 643px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"BTC-USD_Trade_Management\"><\/span><strong>$BTC-USD Trade Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As detailed in the August 26 issue of\u00a0<em>CryptoPicks<\/em>, our price target listed at time of entry was 7,850 (+15% above buy entry).<\/p>\n<p>More than halfway to our original price target in just a week, our Bitcoin ($BTC) swing trade is working well so far.<\/p>\n<p>If Bitcoin hits our current price target of 7,850, we will automatically sell into strength to score a +15% gain on the cryptocurrency swing trade.<\/p>\n<p>If we make any changes to our $BTC-USD target price or stop price in the meantime, we&#8217;ll immediately send a trade alert to paid subscribers of <em><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noopener\">CryptoPicks<\/a><\/em>.<\/p>\n<p>As always, remember to<em> always honor your protective stops!<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Technical_Analysis_of_Bitcoin_Cryptocurrency_%E2%80%93_September_2_2018_video\"><\/span><strong>Technical Analysis of Bitcoin Cryptocurrency &#8211; September 2, 2018 (video)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Check out our latest <em>CryptoPicks<\/em> bitcoin video below for further technical analysis on the cryptocurrency charts above:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/ZTo3THrrSvY?rel=0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><strong><em>Start your trial subscription to <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noopener\">CryptoPicks<\/a> today for just $8. <\/em><\/strong><em>Then, only $28 per month after your trial period.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, we officially launched our new cryptocurrency swing trading newsletter for Bitcoin technical analysis &#8212; CryptoPicks. Bitcoin ($BTC-USD) was trading just above 6,700 at that time (Aug. 27). It was also attempting to break out from a bullish consolidation pattern with higher lows. Due to the bullish price action, we listed $BTC-USD as a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[772],"tags":[],"class_list":["post-5298","post","type-post","status-publish","format-standard","hentry","category-crypto-trading-strategy"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/5298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=5298"}],"version-history":[{"count":2,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/5298\/revisions"}],"predecessor-version":[{"id":13946,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/5298\/revisions\/13946"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=5298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=5298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=5298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}