Bullish Case for BTC

2 May 2018

As a followup to my bearish case for BTCUSD, here are my arguments for the bull. We've seen impulsive action off our recent higher low indicating that $5900 was our bottom of wave 4. If we assume that is true, here are my targets for short-term longs. There is also an argument to be made for bullish divergence on RSI and MACD shown here. I am watching for possible long entries around $8375 and $7750 with support/stops below $7500.

I am not entirely convinced yet, but a strong move above 12K would have me leaning towards this setup.


*This is not trading advice*

3 May 2018

Not

3 May 2018

Not

For anyone curious about my nano count for the above ABC see here:

This is my sub-wave count for wave c of (b). If we make a new high, it is invalid. We look to be breaking out of a nano leading diagonal (falling wedge) down and will look to retrace up between 38.2%-76.4%.

3 May 2018

Not

Zoomed in look at the previous update:

6 May 2018

Not

Clean touch of 1.382 fib extension for a ABC correction. Needs to hold if we are looking higher. If not then I am looking down for C of an expanded flat.

6 May 2018

Not

I meant the 1.236 fib. And here is a clean touch on my index chart