BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

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.

Bullish Evidence

- We have broken and closed above the 0.5 Fibonacci resistance (now support) at 6.5k
- We are seeing higher lows for Bitcoin
- Relative Strength Index ( RSI ) also continues to create higher lows, showing signs of strength

Bearish Evidence

- The RSI is also forming lower highs, trading near overbought territories
- Moving Average Convergence Divergence ( MACD ) forming a potential dead cross
- There's a potential double top 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 Elliott wave counts, this would be the fifth impulse wave
- Most importantly, we are trading in a bearish ascending wedge

Market Sentiment:

Long short ratios are at 66 to 34, with more bullish sentiment than bearish sentiment.

What We Believe

We believe that there's still more room for one last bullish push before we break down from the bearish ascending wedge pattern, but the risk reward ratio is not ideal. A break and close above significant resistance levels would negate this probability.

Trade Safe.

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expecting long buy chart
this is great. nice update. upvoted.
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