As "predicted" in my last analysis BTC reached the support zone, where the last corrective wave (e) would find its end.
Exactly on the lower limit of the descending trend channel and within the zone it turned to up.
This movement had been confirmed by the RSI, following the movement within a falling trend channel as well.
In a rush rally BTC climbed up to the next swing trend line.
But to confirm the motive wave it should stay above this resistance / support line, with RSI following and leaving the negative trend channel. As long as this did not take part there is still a risk that the correction hasn´t ended.
Before placing new orders I would wait to see if the RSI breaks out of the trend channel + support line must be active.
Once this is confirmed a further climb up to the upper limit of the trend channel is possible.
I´ve drawn a projection using EW-theory + chart pattern + trend lines and fib retracements.
Hopefully this time it´ll be the long attended correction to a new rise of BTC.
Exactly on the lower limit of the descending trend channel and within the zone it turned to up.
This movement had been confirmed by the RSI, following the movement within a falling trend channel as well.
In a rush rally BTC climbed up to the next swing trend line.
But to confirm the motive wave it should stay above this resistance / support line, with RSI following and leaving the negative trend channel. As long as this did not take part there is still a risk that the correction hasn´t ended.
Before placing new orders I would wait to see if the RSI breaks out of the trend channel + support line must be active.
Once this is confirmed a further climb up to the upper limit of the trend channel is possible.
I´ve drawn a projection using EW-theory + chart pattern + trend lines and fib retracements.
Hopefully this time it´ll be the long attended correction to a new rise of BTC.
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An instant I thought BTC would fall back and deny the positive trend. But it´s doing well.
Our next aim still is the upper limit of the trend channel.
Our next aim still is the upper limit of the trend channel.
Our next aim is still the upper limit of the trend channel (~7.800$).
Support is swing trend line at ~7.380$.