I know I have been analyzing a bunch of other alts recently, with it being cup and hande season and all...but let's get back to the bread & butter...the btcusd chart. As you can see we have formed another falling wedge(a bullish pattern) which happens to also be a slanted bull pennant. Both are bullish patterns and considering how close they are to the upward curving eve trendline(in pink) I think breaking upward is definitely the path of least resistance. During this falling wedge consolidation we have had to make minor adjustments to the eve trendlines trajectory which has pushed back the day it meets the double bottom's neckline back to May 5th. I see no reason to think we will have any dort of major retracement or bear break in the immediate future because we have still only been forming higher lows and have yet to see a lower low. I expect more bullish action today so we will see what unfolds...of course don't take my word for it make your own educated decisions as this is not financial advice...thanks for reading all the same and best of luck!
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Currently the new 4hr candle is testing the 4hr t line but that tline is maintaining support. As long as the 4hr tline holds support we will definitely be breaking upward from this wedge.
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s3.amazonaws.com/tra...shots/l/ljzEHXKL.png One interesting thing to note one the 1 day chart is that the 200MA (in blue) has a trajectory that should have it overlapping the psychological resistance level of 10,000 within the next 1-3 days tops. This will create double reinforced line of strong resistance that will likely bounce the price action downward off of it upon the first few tests/retests. I have a feeling we will first be testing that psychological resistance level at the exact same time the 1 day 200MA overlaps i. So be prepared for a bounce downward....however it may even overlap that psych resistance at the same exact time it converges with the upward curving eve trendline's current trajectory. So if this occurs we will have a big battle happening of the Eve Trendline's Support vs. the double team of the 200MA and the 10,000 psych resistance. 2 on 1 is never a fair fight but Eve is tough and she has a pink belt in karate. So Hopefully she will prevail. I'm confident that at the very least we wille ventually continue moving upward possibly not until the 200MA and 10,000 line are no longer overlapping, and it may take another minor adjustment of the eve trajectory...however its wise to also be prepared if the double reinforced resistance bounces down hard enough to create a lower low, at which point we may have to reconsider where btcs path leads.