Bitcoin has been showing a steady rise for the past few days. Let's take a look at the 4 hour chart to determine where bitcoin is headed.
- We have broken and closed above the 0.5 Fibonacci resistance (now support) at 6.5k
- We are seeing higher lows for Bitcoin
- ( ) also continues to create higher lows, showing signs of strength
- The is also forming lower highs, trading near overbought territories
- Moving Average Convergence Divergence ( ) forming a potential dead cross
- There's a potential pattern that could play out before we even reach 7.2k levels
- We have previously been rejected at the 0.618 Fib resistance around 7.2k
- Based on counts, this would be the fifth impulse wave
- Most importantly, we are trading in a ascending
Long short ratios are at 66 to 34, with more sentiment than sentiment.
What We Believe
We believe that there's still more room for one last push before we break down from the ascending pattern, but the risk reward ratio is not ideal. A break and close above significant resistance levels would negate this probability.
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