After rocketing through all the "key" monthly levels & the yearly average, bitcoin is now residing on the long-term pitchfork/triangle slope & 61.8% fib retrace of the May-June decline. Most importantly, bitcoin has finally been able to penetrate the 70 RSI mark, something it failed to do since December 2017. Now people when learning about RSI are taught that overbought and oversold levels are good indicators that a reversal may be coming. However, it's precisely in those territories (>70 & <30) that the moves are sharpest.
(bars in green are when RSI is above 70)
From the bottom on June 28th and subsequent bullish engulfing candle, we're potentially seeing a 5 wave up (currently on 3rd wave). Momentum has been strong, strong enough I wouldn't bet against us clearing this slope & pushing onto $9000. At that level I would expect a re-test of the broken resistance before a push forward.
4 hour chart potential pitchfork
(bars in green are when RSI is above 70)
From the bottom on June 28th and subsequent bullish engulfing candle, we're potentially seeing a 5 wave up (currently on 3rd wave). Momentum has been strong, strong enough I wouldn't bet against us clearing this slope & pushing onto $9000. At that level I would expect a re-test of the broken resistance before a push forward.
4 hour chart potential pitchfork