Summary:
Bitcoin made a higher high after a long time, which takes the price away from the bear flag target that was noticed few weeks back. This swing up could be the reaction of divergence we saw on MACD ( MACD making higher high while price making lower lows) couple of days back.
Bitcoin is trading at critical price level which decides the future path, Even though the price is trading above the major trendline, a small downward trend channel can be seen on 4 hr chart that is playing out for few weeks now. MACD is trying to cross to the downside here, We might a retracement to the lower level soon which is very key.
If this retracement goes all the way to the lower level of the channel, the price would get to the bear flag target and the edge of the wedge that i drew in my previous post, If the price breaks this channel and moves up then we can confirm the uptrend and look for upside targets.
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
