Bitcoin can still go higher (but be careful)
Bitcoin started a bullish uptrend since April and never stopped since.
Since 2019 the RSI on the daily timeframe is bouncing continuously on its support, the minor divergences have always be invalidated, the one right now could be the next one to be ignored.
MACD was also very bullish during the entire period and the price keeps staying over EMA10.
Since mid-may the price is forming an ascending wedge, if it breaks through the top we could finally test the 10,000$ resistance, with also the 9,600 resistance on its way, but in the past weeks bitcoin has blown up some resistance without even stopping. However 10,000 is a psychological resistance, it will probably need some time to pass through.
However if the price breaks through the bottom with also a clear break of the RSI support we can expect the price to go down to 7700$ and even 6400$.
A retrace will finally happen but it might be a bit later and less violent as some people expect.
Since 2019 the RSI on the daily timeframe is bouncing continuously on its support, the minor divergences have always be invalidated, the one right now could be the next one to be ignored.
MACD was also very bullish during the entire period and the price keeps staying over EMA10.
Since mid-may the price is forming an ascending wedge, if it breaks through the top we could finally test the 10,000$ resistance, with also the 9,600 resistance on its way, but in the past weeks bitcoin has blown up some resistance without even stopping. However 10,000 is a psychological resistance, it will probably need some time to pass through.
However if the price breaks through the bottom with also a clear break of the RSI support we can expect the price to go down to 7700$ and even 6400$.
A retrace will finally happen but it might be a bit later and less violent as some people expect.
Comment:
Bitcoin finally made a decision and broke the wedge through the bottom to test the 7.7k support. It can consolidate here before bouncing back or retrace toward the 6.4k support but it seems unlikely that btc goes below this limit.
Trade active:
Bullish bat on lower TF
