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Here we go with the daily technical analysis for Bitcoin.
The win streak ended (the one about us with our magic ball ), but the good news are that it went… UP!!!, and it looks much better than we were expecting. There are also bad news, it failed to brake the downtrend resistance.
If yesterday Bitcoin was surpising us, today it was more indeed.
In addition we have two main reasons to be happy and optimistic now:
- The break that Bitcoin made yesterday returns us to the floor, so we can recognize we are not the owners of the magic ball. Match is still 6-1 in our favour.
- Hopefully next time it tries the downtrend resistance it can be broken. It´s been twice in a week that it has been tested after two months in downtrend. Definitely a really good signal
In the Technical Analysis chart that you can review below, we are expecting two different ends to the history. Both should have similar start, with ABC or 123. The difference here will be to know where the last point will end.
Two options we have, if it is near the downtren channel, we hope it will be finally broken so we can start counting an uptrend in the next couple of days. Certainly we could expect a retest of the area, but now as support. The second option is the one that we wouldn´t like to happen, and continues the downtrend if a 5 cycle is counted.
As the image below is self explanatory, we do not disturb you with more reading.