Luettis
Long

BTC with new life

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Seemingly BTC has finished the very long depression and broke out of the "smaller" negative trend channel.
To confirm this new life it shouldn´t fall back into it.
If BTC continues its new trend, then we have seen the low at 5.755$ - and this low could also be the endpoint of a long correction cycle.
The dayly candle from june 29 is enclosing that form the day before - that´s a bullish sign and is confirming the new trend ( bullish engulfing ).

The above mentioned in mind I expect BTC to start a new rally and this should lead to following levels:
Level 1: a swing trend line at about 7.370$
Level 2: the upper limit of the bigger negative trend channel - crossing with another swing trend line at 7.960$

Each level can be a turning point - in EW: 3 / 5 motive waves; we´re actually in motive wave 1 - in between (2 / 4) two corrective waves.

RSI and MACD are also confirming some better days.


Trade active:
Comment: I drew a possible EW-wave within the trend channel. Wave 3 hasn´to be the shortest, turning point 4 hasn´t to be lower than point 1. So this move is still possible and my analysis (see above) stays valid.
Comment:
Comment: second turning point (2) as analysed - we should now go up to 7.383 (swing trend line) to confirm the motive wave (3); I think we´ll have the whole 12345-cycle within the trend channel
Trade active:
Comment:
Comment: It seems we´ve reached point 3 and are turning into the corrective wave 4.

Comments

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