Bitcoin (BTC/USD) made a critical bullish breakout above the resistance trend line (dotted orange). But a triangle chart pattern remains a factor whether BTC/USD is really in an uptrend or not. What can we expect on the weekly and daily charts?
Price Charts and Technical Analysis
The BTC/USD is testing the broken support zone (dotted orange lines and blue box). A bullish bounce is expected to retest the previous high. A bullish break above the previous top confirms the uptrend and a wave 3 (pink) continuation. A bearish bounce indicates that an ABCDE triangle pattern is more likely to emerge. This triangle pattern only becomes invalid if price breaks below the bottom and 100% Fib.
The current retracement on the daily chart is finding support at the 38.2% Fibonacci retracement level of wave 4 (pink). The 5 wave (pink) pattern is the alternative of the triangle pattern shown on the weekly chart. But price action should stay above the 50% Fib and eventually break above the resistance. A bullish pinbar at the 144 ema is likely to create a bounce to test the resistance trend line soon.
The analysis has been done with the ecs.SWAT method and ebook.
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