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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