BITCOIN Bullish Continuation or Incoming Correction?
So the H&S didn't play out, now everyone is super bullish and convinced Bitcoin is heading to 10k and beyond.
Of course this is possible but once again I've gone back to 2016 to look for similarities.
Firstly, the current 3 day chart shows RSI is heading lower while Bitcoin hasn't been able to close above $8900.
We can see that previous resistance at $470 was maintained while RSI was making lower highs too.
We recently got a 55/200 EMA golden cross which saw a correction in 2016, although MACD is still bullish so this seems to indicate we might actually be at an earlier stage.
Therefore I'd put Bitcoin currently somewhere within the vertical lines of 2016.
So are we heading to 10k+ or going to correct down to the 55EMA (or lower)?
I believe a close above 9k in the next few days should indicate Bitcoin is heading higher.
Preferably should stay above $8300 in the meantime.
Of course this is possible but once again I've gone back to 2016 to look for similarities.
Firstly, the current 3 day chart shows RSI is heading lower while Bitcoin hasn't been able to close above $8900.
We can see that previous resistance at $470 was maintained while RSI was making lower highs too.
We recently got a 55/200 EMA golden cross which saw a correction in 2016, although MACD is still bullish so this seems to indicate we might actually be at an earlier stage.
Therefore I'd put Bitcoin currently somewhere within the vertical lines of 2016.
So are we heading to 10k+ or going to correct down to the 55EMA (or lower)?
I believe a close above 9k in the next few days should indicate Bitcoin is heading higher.
Preferably should stay above $8300 in the meantime.
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