Bitcoin long and short term analysis are bullish

On the weekly chart, we broke the top of this descending triangle which was a bullish pattern. Now we see a lot of volume below 25k but not so much at all above and until 29k which means there will be very little resistance up until there.

Moving on to the Daily chart, as long as price remains above the 50 days moving average (EMA), the trend is clearly bullish. Plus, the RSI is making lower lows although price is making higher lows, this is a bullish divergence. Next resistance is at 23k if we look at the volume profile, so you could set your TP there.

On the 4 hours, the main thing to look at is the RSI which has been narrowing for a while and looks like it is about to break out to the upside.

Note

Bad news (Sylvergate and stables depegging) are pushing the price down, retesting previous resistance that could become a support. If we break down the next support is 16k.

Note

29k was hit last week as predicted!

Now on the Daily chart, the Elliot's Wave theory shows that we completed the 5th wave. At this point, anticipating a reversal, the traders may then go short on BTC.

cyatophilum

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cyatophilum

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