Bitcoin Showing Mixed Signals

Bitcoin is showing mixed signals today. During the last 2 days, I've pointed out a consolidation zone between the support and resistance zones denoted in yellow. Today it's broken out on top of the resistance zone. Now what was formerly resistance (between $8,150 and $8,210) is acting as support. This is a very bullish sign.

If we zoom out, we can see what appears to be a bearish rising wedge. This could indicate a possible drop in the short term. However, the support zone outlined above seems strong and may hold...or even trigger a bounce upwards. This is what I'm referring to when I say we're seeing "mixed signals".

Looking at the 4 hour RSI, we can see the ascending support line I've pointed out over the last few days is holding. This is another bullish sign.

Looking at the 4 hour MACD, not much has changed. We're still waiting on a breakout above the wedge.

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 6 days or less.

BIAS:

I remain neutral in the short term due to these mixed signals...although my gut tells me we may be ready for a rise. I'm VERY bullish longterm.

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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.

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