Bitcoin (BTC/USD) is showing massive bullish momentum as expected in earlier analysis. Price action is moving away from the 21 ema zone without any hesitation.
Bitcoin (BTC/USD) is showing massive bullish momentum as expected in earlier analysis. Price action is moving away from the 21 ema zone without any hesitation.Will price action continue or will there be a pauze?
The BTC/USD rocket has broken above the 78.6% and 88.6% Fibonacci retracement resistance levels. Price action will probably test the previous top and all time high soon.
But the top is likely to stop price action for a little while:
On the 1 hour chart, price action is moving sideways. This seems to be an ABC (red) pattern in wave 4 (green).
Price action broke above the 21 ema zone and used it as a bouncing spot. Now the price is above the 21 ema. A breakout above the Fractal could indicate an immediate upside (green arrow).
A bearish breakout below the 21 ema, however, could indicate a deeper retracement (orange arrow). This could indicate an extended wave 4 (green).
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.