The Short-Mid Term decider for Bitcoin
Updated
A third bounce off the upper trendline of this Ascending Broadening Wedge would be a bullish confirmation. We have not yet touched the upper trendline since the 15th of January so trading this from here would be quite risky.
Unfortunately, Bitcoin was seemingly rejected just south of the Ichimoku Cloud on the 18h timeframe.
Until we see more bullish confirmations such as a bounce off the lower Logrithymic Growth Curve at 29300 as well as the previous factors stated above I am remaining neutral on the price of Bitcoin.
In conclusion, I would imagine short term we shall re-visit the lower 29,000's and then perhaps bounce to the upside. The next level for bitcoin I would be looking for I will discuss in future analysis.
I am still as ever bullish long term and am holding a wide range of Cryptocurrencies.
Unfortunately, Bitcoin was seemingly rejected just south of the Ichimoku Cloud on the 18h timeframe.
Until we see more bullish confirmations such as a bounce off the lower Logrithymic Growth Curve at 29300 as well as the previous factors stated above I am remaining neutral on the price of Bitcoin.
In conclusion, I would imagine short term we shall re-visit the lower 29,000's and then perhaps bounce to the upside. The next level for bitcoin I would be looking for I will discuss in future analysis.
I am still as ever bullish long term and am holding a wide range of Cryptocurrencies.
Note
We are currently crossing into the Ichimoku Cloud which shows that bitcoin has strength, optimally there would be a continuation through the top of this!Note
From that bounce I predicted would happen 2 days ago we have seen some extraordinary price action. It is the opinion of many that retail long positions and buy orders that were encouraged by the likes of Elon Musk caused this breakout.Note
I am expecting a possible pullback now to around 35k.
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