BTC slight retrace before hitting inverse H&S neck at 11.600?
On a short term, after the bullish move to 10.750, we can see a slight bearish divergence that just formed on the MACD 15min (less visible here on the 1h chart), confirming the ABC retracement of the last Elliot wave . The end of the "C" correction wave should go at least at the level of the 4th wave down to 10.100 but could go lower than that, between the wave 1 and 4 target... Let's see later how things evolve.
After that, we are still under the longer term influence of the MACD 1h bullish divergence and despite the two resistances ahead (around 10.750 & 11.100, dotted red), plus the 0,382 general retracement (20K -> 6k) at 11.350, we might be going to head up to the big inverse H&S neck (dashed black), that we find now just below the top of the general downtrend channel in red (on a logarithmic scale and not a percentage scale).
Should we break out and maintain above the inverse H&S this time, then we might see the real volume entering and the bullish trend continue up to 0,618 general retracement and above. If we fail to pass this neck again... Well, we will have now some support below us, but that could also just go for another bearish run...
So, lots of resistances ahead, let' see how things evolve for BTC, if the bulls are finally ready to take control back or not...
And then we can also see that the EMA 50 just passed above the EMA 200, which is a medium term bullish signal :-)
After that, we are still under the longer term influence of the MACD 1h bullish divergence and despite the two resistances ahead (around 10.750 & 11.100, dotted red), plus the 0,382 general retracement (20K -> 6k) at 11.350, we might be going to head up to the big inverse H&S neck (dashed black), that we find now just below the top of the general downtrend channel in red (on a logarithmic scale and not a percentage scale).
Should we break out and maintain above the inverse H&S this time, then we might see the real volume entering and the bullish trend continue up to 0,618 general retracement and above. If we fail to pass this neck again... Well, we will have now some support below us, but that could also just go for another bearish run...
So, lots of resistances ahead, let' see how things evolve for BTC, if the bulls are finally ready to take control back or not...
And then we can also see that the EMA 50 just passed above the EMA 200, which is a medium term bullish signal :-)