Bitcoin Moves...It's Getting Harder Not to Call this a Bull Market
Bitcoin jumps nearly $200 in 15 mins...making it more and more difficult NOT to call this a bull market. Let's look at the technicals and see if we can figure out the next move.
The next strong resistance zone is between $9,060 and $9,200. Breaking this zone would confirm a VERY strong market.
Looking at the 4 hour RSI, we can see it's still remaining on top of the ascending support line I've referenced over the last week. This is a very bullish sign.
Looking at the 4 hour MACD, we can see not much has changed. We're still waiting on a breakout above the outlined wedge.
So what's the next logical move for bitcoin? I see 2 possible scenarios.
The first is my primary count . It has the 5th wave extending and targeting about $8,660 before correcting. This would be a logical target based on a 1.0 Fibonacci extension.
We still have strong support between $8,150 and $8,210.
My secondary count calls for a shorter, truncated 5th wave. Bitcoin is known for truncated 5th waves. I'm making this my secondary, and not my primary, due to the bullish nature bitcoin has shown over the last 24 hours.
Finally, as I've been saying, I want to keep you all updated on the LOG scale chart. For those that don't know, this is the chart that analyzes gains and losses as a percentage of movement rather than price. Some analysts ignore this chart while others swear by it. I believe it has merit.
There's a clear descending triangle on LOG scale that has not yet been broken out of. I believe once Bitcoin does breakout, an uptrend will be confirmed and we can officially call this a "bull market".
Bitcoin is moving closer to the apex. We may see a breakout within the next 1-3 days or less.
BIAS:
I'm neutral to bullish in the short term. Very bullish longterm.
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