Technical Analysis on Bitcoin: holding the support & possible continuations

Bitcoin is holding very good the support at the lower white trend line. So far, it looks like we've broken the bearish trend and are currently in a sideways movement, possible the beginning of the bullish trend. We can see the bullish divergence on the RSI and the histogram of the MACD: the price indicate a double bottom, whilst the RSI and MACD indicate a higher low.

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Using the Ichimoku cloud indicator we can see that we've broken both the Kijun and Tenkan. The flat top of the cloud usually acts like a magnet, so we still can see a touchdown at that level. Also, the red cloud seems to finally close after a long period (circle)

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After the 5 wave - impulse Elliot cycle, a ABC correction usually occurs. SCENARIO 1: We can see a ABC flat formation, with A and C staying at the same level. If C goes below the beginning of the first wave of the 5 wave cycle (6000$), the ABC correction is cancelled. SCENARIO 2: There's also the possibility of a ABCDE wedge correction cycle, with the price forming a wedge (bullish or bearish!!). If the second scenario happens, I'll opt for a bullish breakout!

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LONGS vs SHORTS: the longs started shyly rising again and the shorts flattened out after a double top. None of them are having a massive response to the current market situation.

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These are some of the exchanges I use:

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• Bitfinex - my most used exchange
• Binance - most popular exchange
• Kucoin - excellent exchange, rising in popularity
• Gate - for small cap / new coins
• Huobi - margin trading
• Coinexchange - big variety of coins

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Thanks for reading and safe trading!✌

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