Bitcoin finally broke up and out of the wedge it’s been consolidating in over the past 2 weeks.
Zooming out on the monthly chart, we can see the last swing high (approximately $8,480) was created back in July of 2018. Price has now officially taken out the prior swing high (on the monthly) of the bear market. In my opinion, this confirms the bottom is in.
Looking at the weekly chart, we can see the 21 week EMA is about to cross above the 55 week EMA...a very bullish indication. That said, we can also see just how extended price is, well above the upper weekly Bollinger band.
Zooming into the daily chart, we can see bearish divergence on the RSI and MACD.
In today’s analysis I discuss where price may be heading from here, traps to avoid, targets and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
