BTCUSD: New bullish channel and pressure points.

Bitcoin broke last Friday's High and by doing so has created a new, less aggressive Channel Up on 4H (RSI = 68.738, MACD = 144.200, Highs/Lows = 185.1359). That is clearly based on a recurring "consolidation-pump" pattern as the eclipse shapes show. Technically the current rise is expected to be completed on a +13.50%, which is around 4,580 before it pulls back again for a near 42,00 Higher Low.

The medium term support remains 3,652.10, which as the 1D chart shows, if it gets tested and holds then it has the potential to deliver a Gap fill as high as 5,600 - 5,800 (on a different occasion the price should test the 3,210 bottom). Until then of course we are setting lower bullish targets at 4,463.10, 4,546.0 and 4,578.40. After those targets and if the projected 4,200 Higher Low provides another spike, we still need confirmation for further uptrend which will be validated if the 0.5 level breaks (4,850.80), in which case the target will be 5,238.50.




** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.