BTC- hitting the sweet spots

3 Apr 2018

Hey cryptonians, yesterdays daily closing with a bullish engulfer should signal that the bears are running out of steam and the bulls finally realising that they need to enter the market before the momentum starts taking it higher. I predicted early that the $7200 was on the radar as soon as it broke out of the 10 day falling channel, while the other TAs jumped on after it was a certainty. Well here is my analysis going forward. On the daily the Stoch and RSI are curling up nicely confirming upwards trend. A nice daily candle to finish today would be a great sign of strength. If #BTC convincingly breaks out and holds over the $7200, the next minor resistance is at $7600-$7000. I would classify this wave as an Impulse wave 1 and classic elliot wave structure will follow. The 5 wave structures should be exhausted at around the 9000k mark in a weeks times where there is major resistance. I will update everything when we have confirmation of wave forms. Have a nice day . Cheers.