BITCOIN UPDATE: Could rise to 14.3k before dropping back down to 7.5k!
10 days ago, I posted the following idea. It seemed like a logical course of price pattern at the time. During the interim, a descending wedge also developed and was in play. I created a few more posts here on steemit updating you all with the status development on that as well.
I have good news and bad news.
Good news: Our descending wedge is no longer in play. We have broken out and above our descending wedge. In fact, we have also conquered a major uptrending TL (black). Our MACD is curling upward and crossing. AND we have skirted above a very major downtrend on our RSI!
These are all GREAT signs! However, we are not out of the woods yet. Be cautious still my friends.
The bad news is that we are still in our downtrending channel. Notice how the top of our channel intersects EXACTLY with .618 Fibonacci. Very interesting. As I charted over a week and a half ago, this looks to be our decision point!
Watch closely. Play this up for a short term target of $14.3 and then place your stop loss trades.
Personally, I will not be a long term bull again until one of two things happens first:
a) we breach $14.3 and continue upwards, or
b) we hit $8,000 or lower.
Preferably the latter. If we can have the healthy correction BTC needs, I will become a super bull again. Honestly, when BTC jumped to $20k so rapidly in December, it was the first time in about 3 years that I became bearish. I am looking forward to becoming my old bullish self again. But I'd love to see us hit that $8k marker first. If we don't, and we simply breach $14.3k, I may still become bullish, but it won't be with the same enthusiasm.
Good luck my crypto friends. I hope this chart and analysis will help you with your trades.
Interesting analysis though I'm not normally into subjective TA but always curious what people think. Short term I'm bullish on BTC (and long term but it will have its ups and downs) as seen from my data below. Check this out if it interests you: https://steemit.com/steem/@weilii/introducing-the-neux-oracle-steem-and-bitcoin-trade-signals Just started following you, would appreciate a follow back if my price analysis content interests you as well :)