Bitcoin Ascending Triangle & looking to break out
Bitcoin in a clear bullish ascending triangle. The previous ATH acting as resistance.
The aggressive uptrend from Oct is still intact. Last week had a "look below and fail" moment.
Price holding above the 20 DMA as well.
Long term daily chart
Price retested the .786 Fib in late November, found support and bounced twice. This area as well well the top of a long term price channel (long diagonal white line)
I've cloned the same line (red) and it seems to be the price resistance above now, there are some correlations to this line back from 2017.
RSI structure is highly defined right now. There are two clear support lines, the intermediate one just was tested and looks to have bounced. The recently sideways PA has reset RSI to the point it is no long overbought.
Next big bullish signal will be a breach and close above the ATH level.
The aggressive uptrend from Oct is still intact. Last week had a "look below and fail" moment.
Price holding above the 20 DMA as well.
Long term daily chart
Price retested the .786 Fib in late November, found support and bounced twice. This area as well well the top of a long term price channel (long diagonal white line)
I've cloned the same line (red) and it seems to be the price resistance above now, there are some correlations to this line back from 2017.
RSI structure is highly defined right now. There are two clear support lines, the intermediate one just was tested and looks to have bounced. The recently sideways PA has reset RSI to the point it is no long overbought.
Next big bullish signal will be a breach and close above the ATH level.
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