** The Channel Up and Fibonaccis ** Bitcoin is trading inside a Channel Up on the 1D time-frame which has been lately supported by the 1D MA200 (orange trend-line). Since the uptrend started on the July 20 low, the price has filled all major Fibonacci retracement levels except for one, the 0.786 (which is roughly at 54420). That would make an ideal technical Higher High on the Channel Up if hit in the next few days.
** The RSI ** However we need to consider the Lower Highs trend-line on the 1D RSI. This is diverging from the price action as it is giving Higher Highs on the Channel Up for BTC. The longer it holds, the more likely a correction is possible. However a break above the LH trend-line may initiate a strong rally to fill the All Time High (ATH) Gap.
** The LMACD ** At the same time the LMACD is about to make a Bullish Cross. A complete formation would be very bullish for BTCUSD as the last one on July 22 was exactly at the start of this strong rebound.
What's your current view on this? Is this all a strong bullish combination, or the RSI divergence can spoil the party? Feel free to share your work and let me know in the comments section!
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@LA_Designer, I play the in and out game right now… I don’t see bitcoin hitting 100k this year. Next year maybe, but when Powel raises interest rates back. We are coming back to earth. We went to the moon already… last year and this year have been epic…I feel the run is over but what do I know… just my opinion