New York time: 00:00:00
Local time: 00:00:00
Newsletter RSS 

Is Bitcoin Breaking Higher?

Top



Jan 22 2020

Good evening traders,

Bitcoin topped in December of 2017, then bottomed again in December of 2018 and this was a bigger higher degree corrective decline in 2018, mainly because of a triangle in the middle. Then, in the beginning of 2019 we have seen strong push to the upside, clearly with five waves, which is actually a signal for the bullish trend. Later, in the second half of 2019 Bitcoin fell once again, but as you can see in very slow and overlapped manner, so corrective wave structure that lasted for 6 months, and again it bottom, you wont believe it, again in !!December!!! of 2019. And now, at the beginning of 2020, we can see quite impulsive and significant recovery, which was expected based on many evidences like a bullish divergence in the RSI and MACD indicators or a corrective decline into the strong support area of the previous triangle pivot from 2018, plus a base channel line from 2019. All that being said, we assume that Crypto market, specifically Bitcoin can be turning bullish again, especially if we see a decisive break above resistance line of a corrective channel. But in any trend there are pullbacks and a lot of tricky price actions in the middle. So if you want to be on track with our analysis and outlook in the future, make sure to consider a 7-Day trial at ew-forecast.com.

Trade well,

The EW-Forecast team.

BTCUSD Daily



Newsletter archive