Description
⋅ Although BTCUSD had some up and down momentum in May to June
it has been weak lately as noted by the excursions on the histogram
of the MACD indicator.
On the daily chart, I see Bitcoin in a slowly ascending megaphone
pattern. This means that the higher highs are on an ascending
resistance trendline as compared with the lower ascent of the
supportive trendline.
I see this as a positive for Bitcoin which may continue to
slowly trend upwards. As price is presently near the bottom
of the megaphone pattern sitting on the support trendline
with the MACD lines underneath the histogram of the indicator
and about to cross one another, I see an uptrend in the
immediate term. Accordingly, I consider this a long setup.
of higher lows.