Today it looks like this. We will see...
It is difficult to say with certainty what will happen, no one can see the future.
Pure logically, at least that's the way it's been in the past, and not only with Bitcoin, that after MA140 and MA230 intersect, the price usually pulls back to MA140 for a re-test. Now look how high the BTC price is over MA140 and how high the daily RSI is, way overbought. I am not suggesting anything, just observing and thinking. Use your own your mind to decide and draw your own conclusions. Good luck!
I think a pullback to the daily MA150 (~$5.7k) for a re-test of support is highly likely then we will have too see.
If the daily MA150 support breaks then we're in for an A-B-C correction and will go lower.
If the daily MA150 holds, though, the uptrend will likely resume.
I say it's the daily MA38 (which may look like a parabola) that is crucial. It is the border line between doom and glory.
If BTC falls below it it's damned, but if it manages to stay above it's spared.
Just how much longer can this chase go on? I feel like the decision is closing in ;-)
If one thing is for sure, it's the fact is that there will be a time when the price will retrace down to the red line for a re-test to make sure the support is still working.
It has always done this in the past (see yelow circles). It will do it again. The question is not if, but when.
Then, when the red line still works as support and it starts going up again, there's a good time to get in, in my opinion.
Numbers signify nothing, it could be at $6k it could be at $9k or it could be at $12, the exact number is not important. Understanding what your plan is and sticking to it is important. YMMV ;-)
I am not yet saying that I was right, it is too early to judge, but it still looks possible to me:
From my point of view, the big question in the next few days will be whether the price will fall below the daily MA 38.
I think when people are looking at different TA, they need to know what do they want.
it's good to wait for market confirmation for a "real bottom". but it's also and more important to be able to react to what the market could offer:
in 2015 before the green crossing up the red, the btcusd price made 2x.
this time from recent bottom(it doesnt matter if further bottom is yet to come or not. btcusd trended up from 3k till now 8k. this is 2-3x profit.
I was much cautious about the bottom before. but then after seeing the market is very happening everytime when btcusd is gving positive movement. the altcoins market have good fruition and some very surprising:
in 2018 April, btcusd gave similr price target as what's happening now, and ontusd gave 4x-5x to the market. trxusd gave about 1x and many other altcoins.
and in early 2018, zilusd gave good profit too.
dring this 2019 May, matic network repeated what ontusd had in 2018. it gave 5x solid profit. and many other altcoins gave 1x.
To sum up,
i think it's important to be critical about what's happening in the market. to consider the possibility of both if btcusd is going up or down.
but it's also very crucial to have ur own strategy, either my using MA MTF, EW , or pattern trading. if the market is favor ur direction from ur strategy, do what u need to do.
coz trading is all about setup, RR ratio, target, stop loss.
build ur own strategy and safe trading.
The waves produced, can be atypical or fail as well. In the end it is the psychology of the mass, the market (while looking at the same chart like You do) at current moment which counts. That said, I tend to not like the image, that the bull market is already in. It kinda look too easy to be true. At the same time, I don't believe (much) in the deeper new bottom still before us (but I am open to it).
The greatest wisdom I've heard in this context, and I really mean it, is “You can't tell till you bet.”