Bitcoin Update: Bull and Bear Scenario Still in Play
Not much has changed since yesterday as far as my count. The bullish and bearish scenario are still very much in play. To recap...
There's strong support at $6,815. The bullish count has bitcoin in wave 3, of 5 waves up. If this count is accurate, the target for wave 3 is approximately $8,300.
The bearish count has bitcoin in 5 waves down. The Sub-waves are highlighted in yellow. It's currently on wave 5. The target for wave 5 is approximately $5,972.
Looking at the 1 hour RSI, we find a descending resistance line has formed. A break above this resistance would be very bullish.
Looking at the big picture, we're still watching those 4 resistance lines and 1 ascending support line.
Zooming in, you can see Bitcoin is approaching the apex where the first resistance line, and ascending support line meet. It's been operating within a small channel. Either the support, or resistance line will break in the next few days.
Finally, the 4 hour MACD has continued to remain within the wedge we've been discussing. It looks like a breakout is likely within the next 7-10 days.
BIAS
Short Term: Neutral
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.
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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly. Technical analysis is simply a guide. It doesn’t predict the future. Anyone that claims they know exactly what’s going to happen is foolish, lying or both. Technical Analysis should only be used as a tool to help make better decisions. If you enter a trade, I recommend having a stop loss and sticking to it. You will loose at times. The key is to have more wins than losses. With that in mind, I wish you great success.
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The uncertain paths for bitcoin continue, by July we'll either be deep in the woods or walking a sunny path with a view of the horizon. Or, it could be a broken year with most of the market just churning in wash, rinse, repeat? The current channel rising up to the resistance line, it's a rising channel, could it be a bear flag?
I don't think it'll be a broken year. As soon as the SEC comes out with clear regulatory guidelines, I believe we'll see the start of a major bull run. Just my opinion.
Got a boost today from SEC chairman stating BTC is not a security. Fidelity building a crypto exchange, Coinbase on Track for Security tokens, Circle doing the same......whole cryptosphere bout to explode
Should be an exciting summer
Brandt generally does a good job. He sometimes gets a little tunnel vision in my opinion. Still, he's a wealth of knowledge and can't be ignored.