BTC bounced upwards after contact with "Triangle Formation" bottom support line.
It was expected, as it was (and still is) strong support line. I would be bearish if that line would be broken somehow.
On 4h chart we have a "Rising Wedge" which is bearish. BTC was struggling with one resistance line, and now we have another resistance red channel line to be broken before we can speak about BTC being bullish (for now).
It can either cross it now, or bounce back down and try again. We will see.
On daily chart BTC is looking quite good. Nice bullish "Candle Formation" with low MACD lines that may be crossing upwards ( bullish sign).
On weekly chart I cant really tell if we have bullish candles or not as it's being formed right now. But RSI in consolidation as BTC is not oversold or overbought, and MACD is very low, still waiting for that bullish crossing going upwards.
To sum it up: BTC is still in "Triangle Formation" in which price is consolidating. Upcoming 2-4 weeks will tell us in which direction it is heading. I'm looking for breakouts in either direction. If BTC will break from this formation upwards - it's strong bullish sign, but if downwards - I would be a lot more bearish on it. So this 2 lines of this formation are to be watched.
I'm bearish on 4h chart as BTC seems to not have enough steem to break that resistance just yet. But daily is looking a lot more optimistic, with weekly being a "?" as candles are still forming there.
IF Bitcoin will break that formation downards, my target would be $4.5-5k even. There's interesting line which may provide us with nice support.
In my analysis I'm using Fibonacci Levels, Elliott Wave principles, Support and Resistance lines, Candle Patterns and formations, like Head and Shoulders or Triangles (latter more often than the former).
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