Bitcoin Rises...what's next?

In my last 2 updates I've pointed out a looming breakout from a symmetrical triangle. I said we needed to see volume spike...and today, that's exactly what happened.

Looking at the overall primary waves, we can expect something like this:

Once primary wave 1 has completed, we will have a better idea where the following waves might land.

Zooming in closer, we can see the sub-waves of primary wave 1. This could happen 1 of 2 ways. The first has sub-wave 3 completed with wave 4 in progress.

There the second scenario would mean bitcoin is so bullish that sub-wave 3 may get extended further than it already is. A subtle difference that might play out like this:

Looking at the 30 min RSI, it's oversold. That would suggest wave 4 may begin soon, if it hasn't already.

The 30 min MACD is also looking oversold with the histogram stretched fairly thin. This also suggests a minor pull back may be coming.

The 4 hour MACD is still squeezing tighter and has not penetrated the wedge I pointed out these past 2 weeks. It's getting closer to the apex, indicating a major move is still likely coming.

Zooming out and looking at the bigger picture, I pointed out a descending triangle that had formed. This is best seen on the 4 hour chart.

Zooming in closer, you can see bitcoin finally broke out of that wedge. The question is, will it remain outside or immediately drop back in?

Remaining on top of the descending triangle would be a very bullish sign of strength.

Looking at the EMA indicators, we can see the 8 day EMA is back on top of the 21 and 55 day EMA. This is another sign of strength.

If you're not familiar with how EMA's work, reference my post on the topic here: https://steemit.com/cryptocurrency/@workin2005/simple-effective-strategy-to-buying-and-selling-market-trends

Finally, zooming all the way out to the daily RSI, we can see a bull flag has formed. Could this be a sign of things to come?

BIAS:

Short Term: Neutral to Bullish
Longterm: Bullish

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