As you can see from the chart, BTC has been broken out of its previous long term downtrend. It is now within a rising channel with a completed EW wave. RSI is also showing overbought. Regardless, the completed EW gives bulls momentum. We will stay bullish as long as we are able to hold above the 8.7 USD support. Looking for a target of 10.2 USD and hold. Hopefully...
I have added to my first published graph, as BTC starts to test it's supports. On the bright side, another Elliot Wave is forming with its usual 1-5 wave gains and ABC correction. This combine with an oversold BTC to me means BTC is still bullish and likely to bounce right off supports for some more gains.
Feel free to leave comments.
CD
I am very new to analyzing short term 4 hr graphs. But I hope to keep learning from everyone and start forming my own ideas and graph analysis, any and all feedback is welcome. I have found what I think is an EW forming. BTC seems to be very bullish with it being pretty oversold on the stochRSI as well as staying above it's supports. I think this wave will correct...
