What´s next?
Several technical analysis indicators are pointing at the same point at this moment in Bitcoin.
Price looks strong due to the good support that the 50 EMA is giving to bitcoin at the 4h frame time.
The 50 EMA crossed the 200 EMA line in ascending direction and with a good verticality, which is a very bullish sign.
Looking at the bitcoin chart we can see a completed "cup and handle" and just now is about to break the neckline.
As you know cup and handle is a pattern that indicates the end of one trend and the start of a new opposite one. In this case, it is showing the end of the bearish trend and the start a bullish one.
Where is the target?
The hight of the neckline indicates the approximate target for the price, and this could be about 11.622 USD, that matches almost exactly with the 50% retracement Fibonacci line, a line that acted as a resistance before.
Elliot Waves counting support this target too, because we number four-wave is ended and five is ready to go.
If the market does not move in another way and confirm all these indicators, the price could climb to 11.600 USD in few weeks.
Thank you for reading and see you in the next post!
Happy life!
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