The Rise And Rise Of Bitcoin - With Majestic Role.
After the successful expanded flat corrective wave up to the 9060$ level Bitcoin has shown a good reversal bull trend by the past 3 days. Now it seems we are in a short term bull run which is supported by many different pattern indications and trend behaviors. As we can see a falling wedge pattern is already formed and broke out from the resistance. Further the raising triangle formed after the breakout is trying to breakout again for a construction of a 3rd wave and the if it can manage to break from this point of resistance of the green triangle and close above it, it can be considered as a beginning of 3rd impulsive wave formation.
Volume looking good by the last 3 days when considered comparatively.RSI looking in a good bullish point at around 57 too. MACD is also in favor of the bulls for now. But since we didn't confirm the trend on the longer time frames of a bull trend we still be cautious on our positions and need to put a strict stop loss method on both Bitcoin and ALT coins trading.
- Additional Note : It seems to be an inverse Head & Shoulders pattern is on the way to be formed but need to be confirmed though.
We will give more updates soon on this trend and stay tuned.
With Regards.
@cryptotalk_et
Volume looking good by the last 3 days when considered comparatively.RSI looking in a good bullish point at around 57 too. MACD is also in favor of the bulls for now. But since we didn't confirm the trend on the longer time frames of a bull trend we still be cautious on our positions and need to put a strict stop loss method on both Bitcoin and ALT coins trading.
- Additional Note : It seems to be an inverse Head & Shoulders pattern is on the way to be formed but need to be confirmed though.
We will give more updates soon on this trend and stay tuned.
With Regards.
@cryptotalk_et
