Here we can see a "bullish rectangle" pattern on the 4 hours time frame. In my long term analysis we saw different reasons why Bitcoin might break up rather than down in the upcoming breakout. Here we have some other bullish signals for short term.
This pattern will fail if we break down and close below $6560. Next target is $6650 followed by $6700 and $6800. This is a short term analysis.
- We are trading above EMA200. - EMA10 crossed-up EMA50, a bullish signal. - We are looking bullish short term.
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Previous analysis "BITCOIN: Will We Break Up or Down & When Will This Happen?"
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We breakup straight to $6730. We continue bullish...
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We are approaching the end of the triangle:
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The $6557 level has been working nicely as a strong support. It doesn't matter how many times it is challenged, Bitcoin keeps on coming back on top of it:
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Bitcoin has been breaking the bear trendlines in a sideways fashion, now we are challenging another major trendline, this one has been rejected several times.
@Crypto-Adviser, I don't understand. Are you Elliot waving? Your wave counts aren't even aligned with the actual bars or following the laws of Elliot wave theory.
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@jollygreen, Sorry, I made a wrong choice when publishing.