Bitcoin PRIMED for a breakout?

Bitcoin looks ready to bounce! Factors at play:

  • Bullish divergence on the MACD /RSI: Even as the price action trends lower, the strength on the RSI and MACD increases.
  • RSI Trends: Long term descending trendline meets the near term ascending trend line . RSI MUST break up or down. My bet is that the RSI continues on the path of the newer trend line , and breaks to the upside. Getting over 50 would be very bullish .
  • Bolllinger bands: Tightening – this occurs during a period of accumulation and lower volatility . It will need to break up or down soon, as the range is too tight to continue moving laterally.
  • MAs are moving down and getting closer to the price action. Getting above the 20, then the 50 would be a bullish move. Right now, they are acting as a strong resistance.
  • FIB Levels – Price action is sitting right between the 2 levels where reversals are most likely. Note: Price action didn’t touch the 618 (there is still a chance it will do that)
  • Recent Trend Line: The price action in the descending channel has been moving to the top of the flag, looking for a breakout. It needs to hold that more recent (ascending) trend line in order for a breakout to happen. Falling through that trend line would lead to more downside.