1. 'BTC' in the final wave of an ABC correction, presently completing a WAVE C diagonal. 2. DAILY Incicators: RSI close to 30; MACD printing divergence and a "W".
Three bullish exit points are marked with green arrows. The most likely being the 1.236 fib level, if we assume the descending diagonal and wave count to be valid.
Let's see what happens !
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Let's see if BTC closes above the extreme of B (the diagonal). It would be significant.
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Looking at the daily, I would have liked to see the bounce at a lower level. Right now, BTC runs the risk of a bull trap in the form of a dead cat bounce! We must proceed with caution.
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It does look like a bull flag forming on the 5m chart ...
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A valid bull run should look something like this ... We need a slow grind upwards (possibly another engulfing candle first).
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The Hourly ...
Price has closed above the extreme of sub-wave B (green arrow) and we have something whist is starting to look like the grind upwards.
These are positive bullish signs .. hope the trend continues!