Bitcoin (BTC) Update - Technical Analysis January 20th

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So as you can see from the chart above, we have broken through the falling wedge I plotted to show that we are entering a more bullish trend. We saw a parabolic run up yesterday, and I think we may continue this bullish behaviour and may test the regions where I've drawn the purple box after some consolidation of price. Previously there has been a lot of price action around the purple box, and it just so happens to be between the 0.5 and 0.382 fibonacci regions. We break out of the purple box and we could be on our subwave 1 UP to test 15k soon enough.

Personally I think we will test this region soon, and it looks like we could be heading on past this as the daily RSI has started to curve up and the MACD looks like we're going to get a bullish crossover soon as well as the histogram starting to level off and come around, so as long as we get the volume coming in, BTC should start moving.

Things are looking pretty good at the moment in my opinion. The scenarios that are more likely, I am swaying to the bullish side due to the fact I'm pretty confident that the parabolic run yesterday was the start of subwave 3 (often the longest uptrend) and that our next area of concern after the purple box is a big psychological number (15k)

If we can break the top resistance level where we've had a couple of touches before (one was the ATH) then we're looking at perhaps another ATH soon enough. If we are rejected at around 15k, we could be heading back to support around 10,5k, which is completely possible if we factor in the thought that we are not finished our corrective C wave down. However, it's not likely in my opinion.

Overall I'm pretty bullish on BTC at the moment, and look forward to it testing 20k when it's ready.

I'll be posting daily TA updates on BTC and other altcoins so give me a FOLLOW here on Steemit and if you have Twitter hit me up traincrypto@traincrypto. I'd really appreciate your support as I want to reach and help as many people out as I can in this space.

Peace.

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Bitcoin (BTC) Update - Technical Analysis January 20th | Ecency