I like the chances of BTC breaking up from this.

[thegoatiest]

Channel looks pretty legit to me.

[Ararbermas]

If it will break out the resistance for sure the green candle will grown up, but i suggest to use more indicators to get the real movement of the growth rate because sometimes there's a false break out that suddenly change direction. So be aware especially on this situation wherein bitcoin still not showing good progress, its very skeptical to be honest and you need more time for it just to monitor,  what i mean if after climbing it can make new resistance or it will fluctuate again to the current support.. So use more indicators...  

[sujonali1819]

Yes, this really should be done by bitcoin. Another healthy green candle or some sideways can help to breaking up this resistance.

And yeah personally I think hold the prize above $40k is really good for btc (as well as alts too) and hopefully we can see a good move from there. But if it make red candle for some more in 4 hours chart, market could go down again.

[el kaka22]

I have to say the charts are all looking like bitcoin could be going very strong from here, it has been doing very well with the recovery and that fast movement of recovery impacted a lot of indicators and it is signaling that we are going to do very well. However one thing is for sure we are not going to end up doing that bad, we are not going to end up getting super high (back to 64k) any time soon because it is not having that kind of power behind it just yet.

What these charts are showing is that it "should" go up and people should invest, but that doesn't change the fact that volume behind bitcoin and the hype about it is not as much as it used to and people are still a bit worried about it, which is why I am not sure if we are going to see the increase in price that these charts suggests.

[livingfree]

That line would be quick to go up if there is going to another massive and positive news that will come. Just the usual tweet which seems to be positive by our known influencial guy all over twitter.

The correction that has took 50% from the ATH was healthy. We may expect to get back there soon but not on the ATH but on $40k or this scenario is like the $50k when it dropped to $30k and then boom, the $60k mark was crossed.

[judaspriest]

The 4 hour Bitcoin chart time frame forms a rising wedge pattern and the breakdown has been confirmed,
it's just that it's still experiencing a reversal right now, I'm sure Bitcoin short term will drop to $ 35k again,
so be careful if you want to take a position from altcoins, of course the dump will come too

[Hypnosis00]

Next to that is probably a short dump, then get back to the rally again.

With that particular scenario, $38k is the best position for buying, but possibly it drops more.

The chart is very useful when we are in trading, the more we can analyze it the more chance to get bigger rewards. And this is how candlestick reading playing some role in trading. I often use this and I can say that it was effective that we just use nothing.

[kram31]

Channel looks pretty legit to me.

It seems that at this point of time the price value of Bitcoin will going to go further to increase now.
In accordance with the resistance too, I think based on the illustration at the above mentioned it will gonna break sooner or later.
and if that happen, Bitcoin can possibly back in the ball game for sure in the end. And altcoins surely will follow by most it of course.

[wahyu wida]

Judging from the technical analysis that you listed, I see that the possibility of BTC to fly again is very good. with the support line you described, there is a possibility that a price reversal will occur in this area, but as traders we must be careful if the support area is breaks

[GelatikKembar]

Channel looks pretty legit to me.

It seems that at this point of time the price value of Bitcoin will going to go further to increase now.
In accordance with the resistance too, I think based on the illustration at the above mentioned it will gonna break sooner or later.
and if that happen, Bitcoin can possibly back in the ball game for sure in the end. And altcoins surely will follow by most it of course.

If you look at the current conditions it seems that the price of bitcoin will gradually rise again,
I hope that can happen and I think it's only a matter of time,
yes if bitcoin goes up then the altcoin will go up and it also applies the other way around

[NeuroticFish]

Channel looks pretty legit to me.

It does look good, although I'm surprised too: the latest news on PayPal (Paypal to allow cryptocurrency withdrawals) don't seem to be reflected (yet?) in the price.

[thegoatiest]

Looks like it bounced from the middle of the channel. Making a higher low on the hourly.
Here's it with the 1H ichi on top.
the second image will be the 4H ichi chart - as we are in the cloud and it's showing resistance at the top. A breakout of the cloud coincides with a breakout of the channel so it would be strong to my mind.

Image 1 - 1H Ichimoku.



Image 2 - 4H Ichimoku




Doesn't seem a proper place to have one, but could that be a HnS forming on the 4H? - it doesn't look like it on the one hour as the right shoulder is higher.