Update on Bitcoin: Channel breakout + Weekly Bounce + New Elliot Cycle

in #bitcoin6 years ago

BTC/USD weekly:

  • I previously spoke about this important trend line (the top one) where we are at right now and it seems that we are holding it
  • a closer look at it shows us that we had 2 bounces from there
  • a further bounce is expected from the 40 RSI line

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BTC/USD daily A:

  • I wrote in my previous post about a potential new Elliot cycle from the lows at 5800; if it goes this way, then we are bouncing right now from the bottom of the second wave and heading towards 7800$
  • we're still holding the .236 fibonacci retracement
  • the 40 RSI line is important here as well; we have several contact points with it, resistance and support

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BTC/USD daily B:

  • I find it also important that we finally broke the descending channel
  • we had several attempts to break it (red arrows) and now we have support at the top line (green arrows)

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BTC/USD 1h:

  • yesterday we had a bullish Tenkan cross (blue above red)
  • now the price, the Kijun and the Tenkan are crossing the cloud, having the Tenkan as our support along the way
  • a green cloud just started to form
  • the RSI is confirming the price action and no bearish divergence is to be seen

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