Yesterday, BTCUSD Bitcoin and (most) friends broke out of formation on a bullish rally.
This is concomitant with other asset classes on the bullish move as well, while inverse asset classes moved accordingly as well.
This move also breaks the expectations of the previous post.
The chart shows how an earlier steep breakout in July resulted in a strong retracement that triggered a Sell signal, threatening further downside. Prices bounced off an support region (green ellipse) and made a higher low in September. and yesterday broke into a higher high. This move also broke out of a trendline resistance (green line), and triggered by an early Buy signal.
Note the orange line zone where I marked earlier that IF BTCUSD broke into and out of that zone from the bottom, it would be fulfilling a bullish attempt. It broke into the range yesterday, and today continued to break above that zone.
This bullish breakout yesterday is supported by a rising MACD, but warning is there to see... that volumes are not yet coming in, and need to come in to support the rise above 11,000.
Cautiously Bullish now IMHO...
This is concomitant with other asset classes on the bullish move as well, while inverse asset classes moved accordingly as well.
This move also breaks the expectations of the previous post.
The chart shows how an earlier steep breakout in July resulted in a strong retracement that triggered a Sell signal, threatening further downside. Prices bounced off an support region (green ellipse) and made a higher low in September. and yesterday broke into a higher high. This move also broke out of a trendline resistance (green line), and triggered by an early Buy signal.
Note the orange line zone where I marked earlier that IF BTCUSD broke into and out of that zone from the bottom, it would be fulfilling a bullish attempt. It broke into the range yesterday, and today continued to break above that zone.
This bullish breakout yesterday is supported by a rising MACD, but warning is there to see... that volumes are not yet coming in, and need to come in to support the rise above 11,000.
Cautiously Bullish now IMHO...
