This screenshot shows a trend line that I drew from the lowest point moving upwards. So far so good! The last two bullish candles indicate the 5th wave in the Elliott Wave sequence and according to that logic we can expect the price to move higher than the highest bullish candle that you can also see on the screenshot. This could mean that in the near future we might reach the $450+ area. Other aspects of my technical analysis are also showing a green light. Let’s take a look!
While it’s a little bit too early to say for sure whether MACD will cross in a few days or not, the chances of that happening are quite high. We are seeing it making lower lows and the lines are getting closer and closer together. Should they cross it would mean a confirmation in the overall up trend for Bitcoin!
I am a little bit disappointed that the RSI didn’t move lower. It would have meant a much more intense rally in the future. It seems that we are currently drifting in a neutral area where, once again, upward movement is far more likely to happen.