Bitcoin: Breakout! What's Next? Correction May Take Place Before We Hit $9,000
As I predicted in my update yesterday, Bitcoin had another breakout this morning, reaching above 8,300. If this is the end of wave 1, we might see a small pull back as wave 2 begins. This may all be part of a clear path to $9,000 as charted below:
Looking at the 4hr RSI, we still see a strong support line that's formed and is holding.
Looking at the 4hr MACD, we still don't have a decisive breach above the descending triangle. If/When this happens, I expect fireworks.
I remain bullish to neutral in the short term and VERY bullish long term.
On a personal note: Please take 2 seconds and hit the upvote tab below if you feel I deserve it. Thanks guys!
I hope this has been helpful. If you enjoyed this article, please let me know by clicking the up-vote tab below. Also consider following me so you receive the latest updates. As always, if you resteem my post, leave me a comment and I’ll return the favor by resteeming one of yours. If you didn’t enjoy this article, let me know how I can improve to earn your vote in the future.
If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. You can sign up here for free: https://www.binance.com/?ref=16878853
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.
#crypto #life #steemit #steem #blog #news #bitcoin #cryptocurrency #investing #eos #finance #btc #ethereum #litecoin #ripple #stellar #nano #icon #cardano #xlm #xrp #eth #bch #vechain #ven #digibyte #dgb #binance #ripple #ltc #tron #trx #bnb
UPDATE:
Wave 2 May be complete. Wave 3 could be underway.
This will be a confirmed 3rd wave if/when it rises above the top of wave 1.
Looking at the LOG Scale Chart, we still haven’t broken out of the descending triangle. If you’re unfamiliar with LOG scale charts, refer to my bitcoin analysis from a few days ago where I briefly explain it: https://steemit.com/cryptocurrency/@workin2005/bitcoin-confirms-bullish-breakout-small-correction-before-next-wave-up.
While bitcoin has not broken out yet on LOG scale, it is getting closer. If this trend continues, a breakout is likely within a few days:
I remain interested and especially in the log scale progress to breakout. Thanks, very astute and interesting.
I’ll keep everyone posted on the LOG scale progress as it gets closer to breaking out. Right now, there’s still a way to go...but things looking promising.
bullish always. :)
Long term, yes 👍