BTC Primary Trend Established, near term correction imminent.

Though ultimately bullish, As of today we have enough data to finally establish the boundaries of the BTC channel. Being well off both the 50 and 200 MA, and with 4hr RSI @ 81.2, correction is imminent. The last time we saw the 4hr RSI this high, there was a near term 300 dollar drop that ultimately turned into a 500 dollar correction before reversal. That said, I expect the bulls to regain control swiftly once we've passed the mid-line of our channel. Key resistance levels are marked.


Good luck with your trades!

-Alamo

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Wedge forming, updating Idea.

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Use the 5 min chart to see the wedge collapsing. We should see our first sign of weakness between 10am and 2 pm Central time.

I will be posting a new chart with a micro view of the wedge.