BTC: Further Bullish Evidence Suggests Higher Prices - 10% R:R

Bitcoin has been ranging for the past few days, but with our previous analysis suggesting a long at 9.8-10K levels, we are in profit. Now that we have further data available to make an educated guess for the direction of Bitcoin, we are finding even stronger evidence that Bitcoin may be heading higher, rather than lower. As we are gathering stronger support at these regions at the $10,000 region, especially on the higher time frames, we can only try and go with the trend - not against it. We know many are bearish, and we are aware of it - but remember, we also want to reap as much possible profits within the smaller time frames. With that being said, here are the biggest reasons we believe Bitcoin may be going higher that is based on purely technicals and market psychology:

1. STRONG support as of currently, and trading between TWO important CME gaps. Also multiple failed attempts by the bears trying to see lower levels.
2. Ascending Triangle = Technical bullish pattern.
3. Larger parallel channel suggests we will have strong resistance at the middle line. WE WILL RE-ANALYZE HERE!
4. Reaching oversold territory on the RSI via lower highs (LH).
5. Would like to see Bitcoin re-test our newly created fib resistance at the 618 level before reanalyzing

Playing the relief bounce does not make us immediately bullish for the mid term. We have consistently noted that we are still going to be seeing mid 9K levels and will be monitoring the situation on how the market reacts at that certain period of time. Too many people are making predictions way ahead of the spectrum when they do not know what will happen in the immediate term.

Trade Safe.

X Force

Comment:

Bitcoin is now doing fantastic in terms of securing the middle line of our parallel channel as support.

Trade Safe.