OceanBlue
Long

BITCOIN (BTCUSD) - Clear signs of major trend change ahead(H4/D)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello All!

Lowering recent bearish trendline (red) and the major ascending channel are forming grand bullish pennant formation.
After two consequent breakup attempts, the price kept always returning inside the major uptrend pattern.

RSI is demonstrating strong support for BTC higher low on both H4 and Daily timeframes.

Interestingly, the amount of short positions is showing clear bearish divergence:


The breakup above the indicated red line supported by solid volume increase, will ensure the validity of the grand ascending channel and its possible targets.
To sum all of this up - there are definite signs that BTC does have the chance to change current downtrend to bullish in the near future.

Thank you for reading!
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Comment: As the lower trend line is broken, next support to be tested is at 6k:
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