Slowly but surely
As expected, BTC made it's way through the pink down-trend channel and more importantly through the .382 Fibo, at a rapid pace. Very important that we stayed over the .382 Fibo, which acted as great support yesterday to defend the outbreak. Now, we are looking to break out of the small upward trend (brown lines) and ultimately stay inside the big inverse head & shoulder formation. At this point I wouldn't be too surprised to see BTC falling out of the H&S formation in the near future for a bit, but as long as we stay in between the 2 brown trendlines (and maybe orange) that should not be a great concern. Our next target remains the .5 Fibo, to be reached within the next couple days, and when looking at the next graph:
we see bullish signs coming from the RSI (59 atm) which is already greater than on the 20, not giving any signs of a trend reversal. In addition, the momentum is positive and the MACD is nicely floating close above the signal line holding its distance constant. It seems everything is set for a longer bull run.
Now we take a quick look at the shoulder formation (black circle in the first picture) of the 4 hour chart:
We see BTC pretty much perfectly moving inside the ending shoulder, playing with the blue resistance (same level as brown trend line in first graph). If or when we manage to break through that last resistance I think the way is cleared for the smaller H&S formation to be completed promptly, an important step in getting enough confidence back from the bulls to continue this little run.
A fall back inside the seemingly never-ending pink downtrend channel seems more than unlikely given all the support that would have to be broken on the way down. Worst sceneario where we could go from here in my opinion is sideways.
Keep it up bulls!
we see bullish signs coming from the RSI (59 atm) which is already greater than on the 20, not giving any signs of a trend reversal. In addition, the momentum is positive and the MACD is nicely floating close above the signal line holding its distance constant. It seems everything is set for a longer bull run.
Now we take a quick look at the shoulder formation (black circle in the first picture) of the 4 hour chart:
We see BTC pretty much perfectly moving inside the ending shoulder, playing with the blue resistance (same level as brown trend line in first graph). If or when we manage to break through that last resistance I think the way is cleared for the smaller H&S formation to be completed promptly, an important step in getting enough confidence back from the bulls to continue this little run.
A fall back inside the seemingly never-ending pink downtrend channel seems more than unlikely given all the support that would have to be broken on the way down. Worst sceneario where we could go from here in my opinion is sideways.
Keep it up bulls!
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