Update On Bitcoin: The Market Is About To Move
Bitcoin Daily
We're still hovering above the 0.786 Fibonacci retracement, hoping to get enough momentum to cross the 4200$ resistance - barrier. The RSI is staying at the moment around the 60 mark and there's also a shy MACD bullish cross, but the volume is shrinking lately. However, a very important aspect to look at is that the Ichimoku resistance cloud has decreased a lot in the last couple of days. I said this before and I'll say it again: keep in mind that the Red Cloud is above us since March 2018!
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Moving Averages
It's good to see that the volume (calculated by Coinmarketcap) is staying high these days. The 55 day (blue) and 100 day (red) Moving Averages cross is finally happening - for the first time since September. However, currently there's no MA on the daily chart to support our price movement. Perhaps a sideways movement or a minor correction will happen, in order to reach the 21 (yellow), which carried us before. The 8 & 13 MA's are less likely to hold us.
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Adam and Eve pattern ( again😆)
Readjusted, but the pattern is still in play. Waiting for a further interaction with the dotted resistance to see which way we'll go.
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Bitcoin 4h
Some sort of a symmetrical triangle has built, with a descending channel on the RSI. The probability for a bullish breakout is however pretty low, due to the lack of volume and the bearish MACD cross.
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