BTC broke 200 SMA to the upside & forming inside bar.
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1 Daily
We did not manage to make a lower low from 6.5k but got a runup to 9.2k instead this past month. After hitting 9.2k we got a bounce from .618 of our white retracement also where our 26 EMA was (purple). We managed to break above 200 SMA (red) with that thus making us bullish . We managed to break through our 50,100 and 200 SMA altogether. A weak bearish divergence is starting to form on the Daily and we can find strong bearish divergences in hourly time frames so we could be cooling off from here short term. On the Daily an inside bar is also forming. This could be a nice inside bar trade, cause a break past 9.5k and we could be going up to test our 10k resistance. Then we will have to wait and see how 10k test. So as long as we stay above our 200 SMA on the daily, I believe BTC will continue to be bullish .
1 Weekly
On the weekly we are getting 2 bullish crossovers, a bullish MACD crossover and a bullish EMA (yellow/purple) crossover. As long as we hold above 8.3k-8.5k, we are bullish .
We did not manage to make a lower low from 6.5k but got a runup to 9.2k instead this past month. After hitting 9.2k we got a bounce from .618 of our white retracement also where our 26 EMA was (purple). We managed to break above 200 SMA (red) with that thus making us bullish . We managed to break through our 50,100 and 200 SMA altogether. A weak bearish divergence is starting to form on the Daily and we can find strong bearish divergences in hourly time frames so we could be cooling off from here short term. On the Daily an inside bar is also forming. This could be a nice inside bar trade, cause a break past 9.5k and we could be going up to test our 10k resistance. Then we will have to wait and see how 10k test. So as long as we stay above our 200 SMA on the daily, I believe BTC will continue to be bullish .
1 Weekly
On the weekly we are getting 2 bullish crossovers, a bullish MACD crossover and a bullish EMA (yellow/purple) crossover. As long as we hold above 8.3k-8.5k, we are bullish .
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1 Daily update
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1 Daily Update with Fib retracement
The weak bearish RSI divergence is indicating that we are losing momentum. Although we still have enough room to go up further and we might even have a chance to test 10k, this could the end of wave 5.
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