Bitcoin
BTCUSD
is looking quite bullish these days keeping within the Major Trendline - the channel in Solid GREEN, which has not been breached except for when we went hyper-parabolic from the end of November and into mid January. This channel has been acting as our major support and resistance levels since mid 2016 as you can see from in the chart above.
Now since BTC has hit ATH it is no secret we have been trending down as can be clearly seen by the Solid RED line which if/when breached could result in the bull run everyone has been anticipating.
A more recent development making this that much more interesting to follow is the MASSIVE ascending triangle formation outlined in the Dotted GREEN, starting from the recent low hit Feb 6 ($5,875) with several confirmations along the way meeting the upper level of the wedge at $11,850 which would be a major bullish indicator.
The Dotted ORANGE line sitting at $11,150 is the 61.8% level of fib retracement from ATH to the swing low on Feb 6 which will also act a MAJOR support / resistance level on the way to test and hopefully break $11,850 on the way up.
****This is NOT financial advice by any means, I am not a licensed nor a professional financial advisor, this is my humble perspective and should be taken with a grain of salt.****
BTCUSD
is looking quite bullish these days keeping within the Major Trendline - the channel in Solid GREEN, which has not been breached except for when we went hyper-parabolic from the end of November and into mid January. This channel has been acting as our major support and resistance levels since mid 2016 as you can see from in the chart above. Now since BTC has hit ATH it is no secret we have been trending down as can be clearly seen by the Solid RED line which if/when breached could result in the bull run everyone has been anticipating.
A more recent development making this that much more interesting to follow is the MASSIVE ascending triangle formation outlined in the Dotted GREEN, starting from the recent low hit Feb 6 ($5,875) with several confirmations along the way meeting the upper level of the wedge at $11,850 which would be a major bullish indicator.
The Dotted ORANGE line sitting at $11,150 is the 61.8% level of fib retracement from ATH to the swing low on Feb 6 which will also act a MAJOR support / resistance level on the way to test and hopefully break $11,850 on the way up.
****This is NOT financial advice by any means, I am not a licensed nor a professional financial advisor, this is my humble perspective and should be taken with a grain of salt.****
Comment:
As can be seen from the screenshot of BTCUSD 4-hour chart below we just got a nice bounce off of the green dotted support line keeping the ascending wedge idea valid giving us another confirmation.
