Hey guys, so BTC confirmed a temporary uptrend cycle when it hit double bottom around $5900. At this time we are steadily moving up within the channel. A break around the downtrend high of around $9400 will confirm an overall uptrend cycle has begun. In addition, the daily MACD and RSI shows signs of a temporary reversal that may converge soon which would also confirm a temporary uptrend. This means we will experience higher highs and lower lows. Still, pay close attention because if BTC breaks out of the channel - the prior daily close of around $7500 - we will likely continue the downtrend and could see lower lows from the $5900.
Please be mindful that BTC attempted a break around the $11K bottom earlier and hit around $17000 (above the previous high) and then began its downtrend cycle again. Therefore a break above $9400 could be short lived since the monthly and weekly charts still indicate we are facing a long-term correction. However, in the short term we should be able to reach $11K or above with a break here.
My target remains $11K so long as uptrend is confirmed within the coming hours/days.
Thank you!
Ps. Not financial advice, I am not a financial adviser. This is to be taken as purely educational in nature, something to ponder and create your own possibilities.
Please be mindful that BTC attempted a break around the $11K bottom earlier and hit around $17000 (above the previous high) and then began its downtrend cycle again. Therefore a break above $9400 could be short lived since the monthly and weekly charts still indicate we are facing a long-term correction. However, in the short term we should be able to reach $11K or above with a break here.
My target remains $11K so long as uptrend is confirmed within the coming hours/days.
Thank you!
Ps. Not financial advice, I am not a financial adviser. This is to be taken as purely educational in nature, something to ponder and create your own possibilities.