BTCUSD - Daily low wick in golden pocket - Eye on breakout
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.
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:
Huge breakout over the LONG TERM overhead resistance.
We need consecutive closes above.
Huge breakout over the LONG TERM overhead resistance.
We need consecutive closes above.
The channel support and golden ratio retracement remain to hold for the short term. I am still bullish until these supports break.