On the 4 hour chart, Bitcoin looks to have completed an Elliot Wave Cycle. After completion of a corrective ABC pattern at a significant .618 retracement level of the initial impulse wave (1-2-3-4-5), the price broke through a long term S/R trend line. (see red trend line) With the RSI > 50, and significant resistance ahead (see blue rectangle zone of S/R), a 1st test rejection could make way for a possible inverse head and shoulders formation, making a bullish case for Bitcoin moving forward.
Komentar:
Bullish
S/R Line broken - looks like this could break into a closed triangle pattern.
Hidden Bearish divergence on RSI