BITCOIN: Easy EW-Count while "Channeling"

Slowly but surely buyers are getting stronger during the past few hours.

Still not so much volume, the uptrend seems consistent but somehow "shy" thought.

At this stage, and always inside the TRading channel confined by the two main lines, the following EW-short term count is appearing:

• RSI indicator at 1h-chart clearly overpassed the Overbought limit and it is now "dancing" within the "safe" territory.

• Stochastic RSI at the same time frame is touching the oversold area which may indicate the build of (4) wave.

Thus, in my opinion, there is still one wave more upwards, the (5) which could bring BTC to touch the Upper Channel line around 7000 USD . Around this level of price I expect a stronger resistance and so, a pull back downwards, perhaps a good moment for short entries.

Trade safely.

@toofasteddie

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*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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Published on

by toofasteddie

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