COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Good Morning,

Bitcoin has been very choppy lately between $7300 and $7500 until this past night's jump to $7650. At the current moment we're battling with this falling wedge that on the regular scale has been broken, but on the log has yet to have a clean break. It is still very unclear whether this is a for real short term uptrend and continuation of the C wave or yet another fakeout and rejection of the upper bound trend line . There has been little volume on this jump making it seem to me that this was just a temporary stop run, and various indicators point to oversold on smaller timeframes; the macd on this chart (6hr) also seems to be crossing up bearishly. On the other hand, higher timeframes such as the 1D and 3D indicate bullish signals such as current oversold levels and a bullish macd crossover. This leads me to predict that we fall back down to the top of the previous range around ~$7575 before breaking out of the falling wedge pictured. If this is not the case, which happens to be the in between, I see only two extremes - we either clearly break and head to $7800+ on the adjacent 6hr candles or fly back down to the lower bound trend line , forming a new local low. The upcoming hours will give us more indicators as to which path BTC is heading. All the best with your trading!

Written By: Philip Raytburg
Research Analyst

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