AlexCH

BTCUSD - Daily low wick in golden pocket - Eye on breakout

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The daily just closed as I began to write this analysis.
The low of yesterday's session reached the golden pocket retracement zone of the entire bounce from $5755. In addition, the bears continue to exhaust according to BTCUSD 0.12% SHORT on bitfinex.

We may very well have a completed wave i / ii.
A viable play is to eye the break of the high of wave i, which coincides with the trendline resistance of the downtrend; a break and consecutive closes above these levels will be extremely bullish .

Obviously, there are many hurdles in the lower TF for the bulls to push through. Remember, it is the bulls that have a point to prove, not the bears. You may refer to the related ideas below where I mention these critical levels using a one hour chart.

The volume remains low and a HUGE spike in volume must accompany the break should a break occur.
Note that we should be extremely cautious with a break below .618 ret, and even more so if we break below .786.

The idea will most likely be invalidated if we break below the line mentioned in chart.
Comment:
The channel support and golden ratio retracement remain to hold for the short term. I am still bullish until these supports break.
Comment:
Huge breakout over the LONG TERM overhead resistance.
We need consecutive closes above.

Comments

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