Bitcoin (BTC) technical analysis
Updated
If you followed my last analysis, on March 14th (upward arrow) I updated the analysis with a comment "Almost ready for takeoff", and from there Bitcoin went up almost 27%. During this ascending wave, Bitcoin broke many lines, one of which (the thick blue line) broke with a strong momentum showing that there is a greater tendency to be bullish. However, now bitcoin has reached an important area which is the intersection of the midterm upward channel and the long-term support/resistance blue line (marked with yellow circles on it). It is more probable, for Bitcoin, to correct from there since the ascending wave has come up well enough (27%). Unless Bitcoin breaks this area with another strong candle showing that the upward momentum is still strong.
Comment
Bitcoin reacted to the long-term blue line (yellow circle); However, the behavior of subsequent candelabras showed no sign of weakness for the upward movement continuation. The movement is slowed, but not reversed, yet. If the lower goldish line breaks, it is expected that Bitcoin corrective wave go down to the thick blue line. But this is less likely to happen than Bitcoin going up.
Comment
When I was writing the previous comment, that moment was the decision time, Bitcoin either had to go up or down. As stated; the lower goldish line broke and Bitcoin went down to the thick blue line. Currently, there is a short downtrend line which should break first to consider other lines ahead.
Comment
As can be seen from the chart, Bitcoin tried to break the short-term downtrend line but was unsuccessful. It seems a harmonic pattern is forming, if so, Bitcoin can make another try to break that line.
Comment
The harmonic pattern was completed and Bitcoin went up and broke the short-term downtrend line. Bitcoin will test the long-term blue line (yellow circle) again; have to wait to see if this breaks or not.
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