Bitcoin is still in the channel since the end of January and since the beginning of February it has been in a rising wedge.
And potentially bitcoin has been in a rising wedge since the beginning of January at the high at about $42k.
Both wedges are bearish structures, but it looks like bitcoin has broken up out of both which only leaves the channel.
This channel is showing a bullish trend.
If we draw fib for just this recent price movement the 1.618 level lines up nicely with the top of the channel.
Also, if you look at the RSI it shows a break to the upside.
And the MACD has had a bullish convergence.
What to watch for:
I think bitcoin is now retesting and if it finds support here and begins to bounce, we will probably see the price continue to the top of the channel around $57k.
At this point if you opened a position now, I would take some profits and see if it breaks up out of the channel and go somewhere in the $60 range.
Worst case:
It could break back down if it does, I would refer back to my previous ideas and look for buys at those areas.
Comment what you think and follow if you like the idea.
Also look at the related ideas for my previous ideas or you can click it on the chart.
And potentially bitcoin has been in a rising wedge since the beginning of January at the high at about $42k.
Both wedges are bearish structures, but it looks like bitcoin has broken up out of both which only leaves the channel.
This channel is showing a bullish trend.
If we draw fib for just this recent price movement the 1.618 level lines up nicely with the top of the channel.
Also, if you look at the RSI it shows a break to the upside.
And the MACD has had a bullish convergence.
What to watch for:
I think bitcoin is now retesting and if it finds support here and begins to bounce, we will probably see the price continue to the top of the channel around $57k.
At this point if you opened a position now, I would take some profits and see if it breaks up out of the channel and go somewhere in the $60 range.
Worst case:
It could break back down if it does, I would refer back to my previous ideas and look for buys at those areas.
Comment what you think and follow if you like the idea.
Also look at the related ideas for my previous ideas or you can click it on the chart.
