Looking at the daily chart, we see BTC bouncing right off the upper ceiling of the pink down-trend line but staying just inside the big head & shoulder formation highlighted in green. Nevertheless, I am still not completely bullish on BTC as long as we are still getting some resistance from the 50 EMA and keep moving in the main downtrend channel (pink lines). Although the candle bars on smaller time periods like 4-and 2 hours breached the upper down-trend channel, which is a good sign, the resistance for the daily bars is still too high to break through. The bulls are strong at the moment and the bears seem to have lost momentum, partly reflected in the red volume bars that have now since 18 days not crossed the volume MA anymore. Since the seemingly lowest low of this crash (correction) on Feb. 5th, where the 13 EMA almost perfectly touches the 200 EMA and started turning the momentum around, BTC developed smaller upside trends (brown lines) while quickly breaking out at the upside of the small downtrend that has formed. Breaking out of the pink channel at this point in time also poses a higher degree of difficulty since the .382 Fibo is waiting right above the breakout point and can potentially cause unfavorable resistance. Yet, seeing the 9, 13 and 21 EMA swirring right below the current price indicates at least some if not a strong degree of support that could help breaking through and attempting to stay above the pink channel. The next few days are going to be very descriptive and important for the coming future of BTC. In the rather less likely case that BTC repeatedly fails to defend the breakout and falls below the last brown trend line and remains in the pink channel, I see BTCs last exit point at the green dot on the pink line around $9200. This point is roughly where the 200 EMA will cross the pink line and as it seems also the .236 Fibo, implying strong support from the bulls. I don't think I have to explain what happens when BTC fails to stay above the 200 EMA... You better be a good swimmer caus we are going downnn.
Now, if we manage to stay in the uptrends and more importantly keep the head & shoulder formation without too many greater outbreaks a breakout of the small brown trend lines and the .5 Fibo would be the next target, which would have to be reached fairly quickly looking at the steep incline of the head formation boundary. But a strong outbreak if the pink line is crossed seems likely since that moment is what all the bulls are just waiting for...
*I am not a licensed financial advisor, I am simply stating opinions*
Now, if we manage to stay in the uptrends and more importantly keep the head & shoulder formation without too many greater outbreaks a breakout of the small brown trend lines and the .5 Fibo would be the next target, which would have to be reached fairly quickly looking at the steep incline of the head formation boundary. But a strong outbreak if the pink line is crossed seems likely since that moment is what all the bulls are just waiting for...
*I am not a licensed financial advisor, I am simply stating opinions*
As expected, BTC keeps bouncing on and of the pink trend line, looking to finally make a sustainable breakthrough. If we can manage to at least remain on the same level until the American investors start becoming active we might see the bulls bring enough support to the market to elevate BTC through the .382 Fibo still today. For now, fingers crossed and keep the market in sight.