The price is bouncing from the trend line with a complete five move Elliott wave triangle.
The price has been rejected on the four hour chart with a pinbar at the moving average. Next stop is 1.06.
I believe that the price will go up once more till the trendline.
The price will hit 1.2 and will go back down to 1.06.
The bear attack was quickly defeated with a pinbar at the moving average.
Bears tried to reverse the price below the moving average. However, that attempt quickly failed with a bullish engulfing candle closing above the moving average.
I am short bitcoin because of an inverted hammer pattern at .618 retracement.
For the first time in last three months, the daily bar has closed above 20 moving average.
The price action has completed a flat correction with a pinbar.