Analysis Summary:
Hi Friends, welcome to this TA update of Bitcoin,
In my last post I said that BTC has forgotten its upward journey and as I expected support at around $9500 did not materialize but 78.6% has been supportive so far which provided the time for BTC to trade sideways for some time.
After this sideways trading you can see that BTC again fell and formed a lower low on the chart, if you remember my lesson that I gave in the failed breakout post, you will realize that this side ways trading coupled with 3 red candles forming a lower low was not a totally bad movement, while on the contrary this action has generated a strong bullish signal on MACD.
You will notice that on the MACD chart, lower low on the chart was not able to produce a lower low on MACD histogram, I have drawn a upward trendline highlighting this signal on the MACD histogram, so I am expecting a confirmed breach to the top of downtrend channel from here and then a test to dotted black trend line as well,
So guys keep watching as it is time for a few green candles to appear for sure. The bounce is here, it will be interesting to watch how long it can sustain.
That will be all for now, I will keep you guys Posted in the as the chart develops further.
Till then Goodbye and Best of Luck to You People.
Patience is the key to success
Legal Disclaimer: The Analysis posted here is personal view of author and not meant to be an investment advice. Technical Analysis is a set of possibilities based on the info on the chart, and it works because TA in itself is like a self fulfilling prophecy which cannot be underestimated.
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