Bitcoin (BTC) is trying to break out of the short-term declining resistance line. This confirms that the customization is complete.

Day outlook

BTC has been moving up since Nov 28 when it bounced off the horizontal support area of ​​$ 53,350. This zone is also the 0.5 fib retracement support (white) which adds to its importance. The jump confirms that this level acts as a support.

Technical indicators also give bullish signals. This is particularly evident in the MACD.

The MACD, an indicator created from the short and long term moving averages (MA), is in positive territory and moving sideways. This means that the short-term MA is gradually moving faster than the long-term MA. More importantly, its histogram is gradually producing higher momentum bars, similar to the move that began on October 2nd. This is preceded by an upward movement of 57% in 40 days.

If history rhymes, Bitcoin could have a similar rally in the near future.

BTC / USDT daily chart | Source: TradingView

Short term movement

The six-hour chart shows that BTC has been moving along a descending resistance line since hitting an all-time high in November.

This line also coincides with the $ 59,350 resistance area, which corresponds to the 0.382 fib retracement resistance. Until this area of ​​resistance is conquered, the correction cannot be considered complete.

BTC / USDT 6-hour chart | Source: TradingView

Count waves

The short-term wave count shows that BTC has completed an ABC correction (red). This structure immediately completed itself at a ratio of 1: 1.61 of the A: C wave, a ratio common in such structures.

Hence, it is expected that an upward move will follow when the correction is considered complete.

BTC / USDT 6-hour chart | Source: TradingView

In the longer term, the wave number that is most likely to indicate this movement is part of a 1-2 / 1-2 large wave pattern. In this case, BTC is currently initiating sub-wave three (black) of wave three (yellow), which is usually the sharpest wave. Hence, there is likely to be an upward surge soon.

BTC / USDT daily chart | Source: TradingView

You can see the bitcoin price Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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