BTC possible Breakout!

let see how this black curve acts as a support :)
If it breaks there are still my two major support lines in pink

First Higher low since April 18

On the daily chart
MACD looking still wide open
EFI still above 0
RSI above 50

On the weekly chart
overall increasing volume
we are extremely close for a cross in the MACD
RSI making the first higher low
EFI heading to 0 and getting close

I'm not an expert so don't follow my advice, these are just my observations but feel free to comment, good luck! :)

Note

Well we bounced right on the line and added more longs :)

Note

Check out how these two major support trend lines (in purple) have offered support since 2015. These two lines have been strong resistance/support lines in the past so I expect BTC to hold above it. The black arched line is the first support line which has worked well so far, if we break down from it, I expect we will test once more these two purple lines. This is quite likely to happen as there is a potential H&S forming which target are those two lines around 6700.

Note

Potential H&S forming with $8500 target, this would send us back to the last lower high. I’m not sure of the validity of this H&S though, but if it happens it would be a good catalyst for the next run. That and the breakout. I will keep an eye on it.

Note

We seem to have completed this potential iH&S, target would be between $8000 and $8500 but I would love to see BTC set a new higher high around $9000 (unlikely). Before going to those levels I would like to see BTC test our two long term trend-lines.

Poukitoun

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Poukitoun