Pt2. Bitcoin making its way to previous highs

Hi guys, a new day, a new update!

Bitcoin is holding up nicely where the previous analysis began.

-The RSI bounced of a seemingly forming trendline
-MACD is looking to turn to the short term bullish
-The air is getting thin (obviously) for Bitcoin, but I think there is one more squeeze to be seen.
-8050 is holding for now and I consider this to be a Bullish confirmation that the momentum is still alive.


Next short term target is to reach the top of the new flag-channel @ 8550 rough. Followed by a short RSI cool-down and then I would expect the push to start.

This is intended solely as an analysis and educational post, as I am still learning.


Much love! -B

I appreciate all feedback and most humble if I get any encouraging likes. Thank you in advance!

To be continued.

Comment:

- Key things to follow are, the RSI on the Hourly, should make a run to the 70 line(= 8550), and then cool down to the trend line(=8300). In other words, look for the rsi bounce of the trend line that is forming to find the start of the next run.

Would make sense if the run is to bounce of the blue channel bottom @ 8300 Fib 0.382.

Volume will rise when the action begins, if we get a nice touch on the upper purple channel and the bears attack.

Comment:

Small break out about to happen to the upside right now @8290, almost breaking trend line.

Comment:

MACD bullish cross on the hourly, RSi bounced already earlier to the upside. This could bring the price up to the 8400 range, if it then needs to coold down RSI before it tries the upper line of the purple channel.

Comment:

Expect the unexpected = ETF news kind of reversed the drawing I did, but BTC is finding its way to my initial bounce zone of 8200-8300 fighting the bigger ascending green channel.

-Bitcoin needs to break the 8300 mark
-Bitcoin has formed a bullish pennant that is promising
-RSi and MACD are alining nicely for a next move up.

Everything can happen, but I still keep my bullish bias for now.