Also on the 17K the course flew by like a rocket. There was no resistance at all and everything on the weekly chart indicates that the ATH will be broken. All indicators are in bull mode. We will go through some timeframes to see how long we need to be patient before the ATH will be broken.
And again, Bitcoin has ignored a bear div, we see this happening regularly on the higher timeframes lately. Currently, there is a weak bear div on the rsi of this graph, but this divergence will not play out either. We see that the price has dropped a bit yesterday but the bulls have quickly bought this up again. This can be recognized by the long wick at the bottom of the candle.
The ema’s look great for the bulls and the rsi and lbr test the ema and signalline. Both are in bullish territory and show quite some bullish momentum.
On the 4 hour chart the bear div did play and there was a drop of about 6% which was immediately bought back by the bulls on the rising trend line. You could say that we are in a rising wedge although patterns are often ignored lately I would keep an eye on him.
The ema’s are full of bullish here too and the ema and lbr both know how to stay above the middle line with both also the ema above them. At the moment still as a resistance but it looks like in the next few hours they will try to cross bullish. Both also have a trend line to break the divergence but that seems to come together with a possible bullish crossover on the ema. The macd is in the bullish territory, however bearish crossed. The decline seems to weaken so there may be a return test of the bearish crossover in the coming hours.
Conclusion: I can’t help but be bullish and a decent retrace still doesn’t seem to be in it. Support should be found on the HTF around 17219 and on the 1h – 4h it can still give a wick on the red support zone around 16.5 – 16.8K. When we are going to see a candle close on HTF above 19418 it is time for a new ATH.
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