BTC Breakout!!

31. Jan. 2022

When we last talked about BTC we were looking at a couple key areas we needed to breakthrough in order for us to continue moving to the upside, those levels were the 0.7 FIB, the top of the descending channel and the top of the bullish triangle, we are looking solid here we have taken out the 0.7 FIB and the top of the falling channel, all thats left in our current spot is the top of the bullish triangle! Keep in mind guys we need all of these to confirm after our daily close tonight at 7PM EST. A breakthrough of all of these levels or even the current 2 is going to be significant and the chances of us seeing some big bullish momentum significantly rises. The level we would be looking at after these 3 is the midline on the bollinger bands, which currently acts as resistance as of right now, flipping this level not only gives us a cushion of support but opens the door for a run at that top band. Historically closing ontop of the top band leads to explosive price action to the upside, not always but a majority of the time we see this happen, same thing applies to the downside. Looking at our MACD we look good here, we are beginning to see nice separation between the MA's which is always a good thing, this makes it more difficult for the bears to trigger a bear cross. Not only that but on our histogram we notice that our green bars are rising day by day showing an increase in bullish momentum, we want to see this continue moving forward and keep in mind if we start to flatten out or decrease the bullish MACD cycle is likely coming to an end in the short term. Now the RSI looks good aswell, we are still stuck in the bottom half below the midline which means a confirmed downtrend, but the good news is we have flipped the SMA to support and we are on our way up, the main goal here is simply getting above the midline and holding above, this puts us back into a confirmed uptrend and relieves a lot of bearish pressure! Not financial advice just my opinion!