Boys, girls, we just crossed EMA50 ! And that's pretty awesome and encouraging. The last time we were trading above was in november 18, before the huge dump that saw BTC going from 6500$ (13th november) to 3275$ (15th december). Since that, it acted as a resistance we were not able to cross.
Morevover, the Ichimoku cloud was also crossed, adding strength to this new support (3750$). So what's next for BTC ? Well, some indicators allow us to say that BTC will keep going up short / mid term.
- RSI : Right now, on the daily, the RSI is looking pretty bullish. We re sitting at 61.05 so we still have some space to go before considering BTC overbought. - Volume is building up and we re currently trading between 7 and 8 billion $ on the 24H. - MACD - The histogram is building up which is good indication of a strong trend short term.
Our next target is he MA 100 that acts as a new goal / resistance for BTC. It's a pretty strong support as it's also the long term fib retracement of the late 2018 dump. I draw an EW (12345) that should meet the MA 100 pretty soon, with a retracement to our new support. Then, the fifth wave should test the 4200$ resistance that we weren't able to break before.
We should keep an eye on ETH and LTC too. Some action from them can bring some to BTC too (LTC on the 08 feb and ETH yesterday).
EP : 3750$ TP1 : 3900-3950$ TP2 : 4100-4200$
Have a nice day friends ! :)
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Wasn't able to edit the idea but I made a mistake here :
"It's a pretty strong support as it's also the long term fib retracement of the late 2018 dump" -> It's a pretty strong resistance as it's also the fib retracement of the early 2019 small pump.
Sorry for that :) Was thinking at two things at the same time !
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UPDATE : Nice action today ! We re getting closer and closer to MA 100, around 3950$. Once we will hit it, we will probably see some sideways before going back slowly to 3750$. Then ... 4200$ ? :)