Since the beginning of 2016, Bitcoin has found a strong support zone on the RSI indicator of the weekly chart. They all hit the support after a bear market and the bulls took over the show. We are once again testing the support. The past tells us we are ready for another bull run. Please comment your thoughts in the comment section.
ADX has broken out of its long decent and has already hit the second fib mark. In the month of January, ADX has been stuck in a decending triangle and loading up for its next rally. We might have another test at the support but it seems to me we will be testing the resistance soon. If breakout occurs, we would need a volume increase to support the new trend.
Coming to the end of the triangle and near the support zone. We should have a strong bounce on 67 000 sat and a breaktrought of the triangle afterwards. If breakout occures, their should be a high level of volume confirming the uptrend. 0.382 fib should then be our next target.
Buy in: 67 000 Sat - 71 000 Sat
First target: 125 000 Sat
Stop loss: 60 000 Sat