BTC indecision
BTC has been hovering around these levels for the past few days. Let's consider what we can see in the chart. As highlighted in the chart BTC has recently smash through a very important 3 months down trendline. Also it is now holding above the 200 MA, so it has just broke 2 important resistances. There is indecision right now at this levels, Bears are afraid to push the prices down as the volume suggest and the bulls are chilling, no taking profit waiting for the next move up. In the chart I highlighted the Elliott wave channel for the impulsive wave, and BTC has currently formed an ascending wedge which is typically bearish (always pay attention to the lower boundary of this pattern, because if violated the price will collapse fast to lower levels). The RSI has formed a very clear bearish divergence on the daily and 4h frame, so we can expect some correction soon. However considering the importance of the level we are holding and the stochastic RSI cooling off, this seems to me as a retesting of the two resistances broken. I expect BTC to push prices higher and possibly break out of the ascending wedge in an exhaustion move, reaching 54 k with a possible extension to 58 k if the sentiment in strong. However at those levels I am expecting a strong sell off and retracement of this move to 42-43 k, this will be great time to pick up some projects with the profit made in this move up. In my opinion I see this move ending around the end of August. I expect BTC to reach at least 120k but my original target is 180 k by February - March next year. So if you are a long term investor do not pay attention to this short term swings and just hold your position.
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Remember this material is educational.
Follow me, share and comment.
Any question feel free to ask, remember there are no stupid question but only stupid answers.
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