Hello traders! BTCUSD is on the verge of a BREAKOUT! Here is why. Don't forget to like and follow.
Technical Analysis works almost all the time. With Technical analysis, I can forecast accurately that BTCUSD will surge to 40k. This isn't a horoscope consultation. This is a technical analysis:
1. Effective Divergence Indicator(name will change soon) early breakout of neckline of Reverse H&S
A reverse H&S is the bullish counterpart of the H&S. The EffDi gives an early break of its own neckline of the Rev. H&S, with yellow(strong) volume to accompany it.
2. Price has own reverse H&S
Price is on the verge of confirming its own H&S on the chart. This is very bullish, as if the neckline is broken there will be a boom.
3. Elliot Waves: 5 waves complete
The Elliot 5-wave pattern is completed, thus saying that the downtrend has ended. Rocket high incoming
4. Bitcoin makes Higher High(HH), Ethereum makes Lower High(LH)
Usually, as many noticed, Ethereum performs better than bitcoin in pumps. Well, BTCUSD made an HH, while Ethereum made an LH. Today's rally is different.
5. MA Channel broken easily, then used as support
Briefly after the rally to the upper consolidation, Bitcoin plummeted to the MA channel, which acted as support. The MA channel now acts as true support for the first time.
6. BTC rally structure different from before
If we observe, the recent rally looked like a parabola, with a steep increase. Lots of bulls were there, with the highest rally volume since 2 weeks ago. This means that the bulls finally finished hibernating.
7. Huge Wedge consolidation, quiet volume. Breakout will be like a spring
A wedge has formed since 3 weeks ago, and very big, halting the scary rallies and dumps. But the current rally is diamond-strong this time. Bears backed out hurriedly.
Taking these into account, it is likely that the next Bitcoin run is ready. With all the institutions gobbling up cryptocurrencies, Bitcoin is set to ride the rocket. Get ready, buckle your seatbelts! Good luck!
