Bitcoin (BTC) Daily Update- More Reversal signals, Potential Bullish Breakout Very Soon. (Charts)

swi4 (30)in #bitcoin • 6 years ago

As was mentioned in previous BTC update, Whales will try to shake off week hands, this happened when BTC very briefly spilled over falling wedge touching 6k then quickly returning within the Falling wedge pattern, which in itself is a BULLISH pattern. Elliot 5 subwaves of 5th wave of correction wave C are DONE! So now we should see upward impulse waves, which will either be correction wave 4 or be new uptrend impulse waves (time will tell)
Elliot waves.png

What is more important is that due to this spill BTC started to build inverse HEAD AND SHOULDERS, indicating that likely reversal for an uptrend is ahead. The price is likelly to touch bottom of a falling wedge 1 more time then bounce upward. Daily RSI is curving up from oversold position and 4 hour MACD is crossing upward. Both are strong positive indications.
Inverse head and shoulders.png