Bitcoin has hit some turbulence recently, but the price chart is firmly planted to the bullish side.
First, price is contained within this upward sloping price channel. The support line of this price channel arrives near $49,400
Secondly, the daily Ichimoku Cloud is supporting pricing. A more conservative approach using Ichimoku is waiting for the lagging line (the light green line) to break below the bottom of the cloud. Until that happens, this trend is still looking higher eyeing a run to the upper portion of the trend channel.
First, price is contained within this upward sloping price channel. The support line of this price channel arrives near $49,400
Secondly, the daily Ichimoku Cloud is supporting pricing. A more conservative approach using Ichimoku is waiting for the lagging line (the light green line) to break below the bottom of the cloud. Until that happens, this trend is still looking higher eyeing a run to the upper portion of the trend channel.
Note
Bitcoin continues to rub along the support channel (and the Ichimoku cloud). A corrective wave can be counted in place at the low. A break to new highs is extremely bullish. A break down further (if it happens) is expected to be temporary.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.