We can see that the price of BTC bounced off the lower trendline forming the ascending triangle, and has broken out from the downward channel it was previously in. This action completed the formation of the double top.
Conditions are set for the formation of a triple top, we can see that in the 2nd valley. The first bounced at ~7.8k and this last bounce was at ~8.5k. Further reinforced by the rallying 3 white soldiers on our candle patterns. And we broke the .236 level but only barely.
Senkou span A & B have undergone a Kumo Twist and have begun to widen since.
Our Chikou span has still not made an upcross on the price, Tenkan sen tells us that the market is still trending, and Kijun Sen has taken a horizontal position under price indicating there may be a small cool off period coming up.
All of these bullish indicators are confirmed on the StochRSI. We can see that it bounced off the ~55 mark with a bullish divergence taking place.
Theres a small bullish divergence taking place on the MACD as well. The last time we saw a bounce at this level was 2/6/18 and it brought us from ~6.8k and didn't lose steam until we saw the 11.6k mark.
All of this is backed by the increasing volume we've seen move in over the past 12 hours.
If the volume holds steady I would expect to see the completion of our triple top in the next 2 days putting us at or around the 11k mark.
Conditions are set for the formation of a triple top, we can see that in the 2nd valley. The first bounced at ~7.8k and this last bounce was at ~8.5k. Further reinforced by the rallying 3 white soldiers on our candle patterns. And we broke the .236 level but only barely.
Senkou span A & B have undergone a Kumo Twist and have begun to widen since.
Our Chikou span has still not made an upcross on the price, Tenkan sen tells us that the market is still trending, and Kijun Sen has taken a horizontal position under price indicating there may be a small cool off period coming up.
All of these bullish indicators are confirmed on the StochRSI. We can see that it bounced off the ~55 mark with a bullish divergence taking place.
Theres a small bullish divergence taking place on the MACD as well. The last time we saw a bounce at this level was 2/6/18 and it brought us from ~6.8k and didn't lose steam until we saw the 11.6k mark.
All of this is backed by the increasing volume we've seen move in over the past 12 hours.
If the volume holds steady I would expect to see the completion of our triple top in the next 2 days putting us at or around the 11k mark.
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