Update on Bitcoin: Channel breakout + Weekly Bounce + New Elliot Cycle
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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This really makes a difference!
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