Bitcoin (BTC) price update- BTC establishing new trend, Bulls awaiting confirmation (Charts)

Long awaited BTC price has finally broken out of a down trend!!! The price has finished with the first uptrend wave as well as with second correction wave and is now fluctuating establishing 3rd Elliott wave. As you can see BTC has started to establish a new bullish trend line. Because the price fluctuating in a rising wedge pattern (bearish) + RSI is getting toward overbought levels as well as MACD is approaching upper levels of a triangle, I expect a very little pullback from 12k level toward the new trend line and if the price bounces from it, then this will signal a strong confirmation of new bullish trend line.

Another extremely bullish sign is that on the grand scale Price if forming HUUUUUUUUUUUUGEE perfectly shaped reverse head and shoulders. This shows that once the 12 k level is broken we are ought to witness a VERY STRONG PRICE SURGE! But I don't expect such strong level to be broken that easily

This is also a strong warning for anyone who is holding ALTs at the moment as they may start to severely bleed and those holding on ALTs will start panicking like 13 year old girl having her first period.

Overall, charts show strong bullish behavior by BTC, which may signify beginning of a new PHASE 1, when BTC surges and reaches hype and exuberance whilst alts may bleed like we have seen in September/October. Once BTC is done with the surge, Phase 2 begins- That's when most of the ALTs will get some sunshine.

Always use STOP LOSSES!!
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