On the weekly BTC finds itself within a thick ichimoku cloud. Bulls will like to test the upside boundary of the ichimoku cloud, but a correction to the downside seems likely. If we test 6530 support and hold then we will restart the upwards movement. On the contrary if we fall below 6530 then BTC heads back to 3500-4500 area.
BTC has shown sign of continuing on its bullish pattern. After forming a higher low on the 4 hr chart we saw a rise in price today, suggesting a new set of five wave pattern towards the upside. Here I am drawing out my proposed route to the 7k TOP.
As expected BTC has continued with its bullish pattern and successfully completed 5 waves up. We have Broken through resistance at 6530 and next major resistance is in the 8500 area. On the weekly we are within a thick ichimoku cloud influence area. We have had almost 3 months of medium to high volume bullish movement. Certain amount of retracement seems likely at...
