Clear down channel in bitcoin been going on for last couple weeks broken into a lower half and upper half. Got way over sold to knock it below and can see the triangle it broke out of beneath that got it back in to the lower half. Seems to be respecting the middle resistance still. Needs to bull flag on this middle line after the move like it looks it is doing so...
Bitcoin currently in up channel on the hourly with bearish divergence. I noted 2 other times where it did and dumped or had significant enough moves down before either bouncing or consolidating and testing upper trend of the channel again. If we break up obviously its very bullish but should be textbook bearish div.
With the Iran tension we got our first shoulder to a neckline which spiked into a head and now back to a neckline in a bullish triangle which leads to believe we will breakout into another shoulder. We will need to most likely break the head to get out of it or else we may see lower 1500s again.
We are currently in a nice little down channel after the big gap up move. I see the MACD converging a bit with bullish divergence RSI pointing up so I believe that gives validity to my Green forecast which ends up being a lovely triangle which when we are in the type bull run tends to break out. Especially with the geopolitical issues with Iran/US not looking very...
Holding a support of 10, everything is tightening up with bullish divergence on the RSI. A very good chart for breakouts in a bullish cycle with the technical potential of gold
There was a bear flag at the beginning of this sequence which it broke down out of followed by a Whale who triggered a short squeeze and has been breaking out of every bullish wedge since. Action was sideways for the last day or so with what seems like slow volume so its hard to say where we're at mid term in my oppinion. Lets see what happens out of this next one.
