BTC broke the IH&S's neckline with volume and now it's testing the triangle's old support and the 0.382 fib retracement of the 9990 - 5755 move. A retest of the neckline or 7000 should be expected.
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Today's candle could trigger a small bull run. For now, today's change in price is higher than the highest change in prince in a day in the downtrend which is very good for a potential trend reversal. If we retest the neckline and it holds we should have a bullish month.
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On the 4h time frame the RSI hasn't been so high since 12 oct 2017 and we are on a TD9 so the chances for a retrace are quite high.
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The bulls need to defend the 0.236-0.382 area.
The bulls need to defend the 0.236-0.382 area.
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On the weekly chart we bounced after a TD9 and we could see 1 to 4 weeks of upside. If this happens MACD could have a bullish crossover which for BTC is very profitable.
On the weekly chart we bounced after a TD9 and we could see 1 to 4 weeks of upside. If this happens MACD could have a bullish crossover which for BTC is very profitable.
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If the retest of the neckline holds, the next zone where the price could change direction is between 7800 and 7900 where we have multiple resistances.
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Watch out for a possible bump and run reversal.
Watch out for a possible bump and run reversal.
