Happy Memorial Day to my U.S. friends. A couple of noticeable updates on our Bitcoin chart here as a debt ceiling deal looks to have been struck.
First, let's start at the bottom of our chart here. We have broken to the topside of the channel we have made and have been mostly in/under since Jan. of this year. This is bullish!
Next, I mentioned in my last video, a new neckline that some technicians may have already spotted and had been utilizing. This starts the top of the green area in the chart which I am calling the neckline. This is the neckline of our larger Cup and Handle pattern and, as you know, I had been calling for a retest of this area for over two months now. Even though the touches were brief and only wicks down, they count. We have out retest. This is bullish!
Third, look at that long green candle up. We closed up and created a new pivot high. This is bullish!
Fourth, we broke above that black trend line. This is bullish!
Fifth, if we can stay above that trend line upon close today ....This is bullish!
Should the debt ceiling deal in the U.S. fall through for whatever unknown reasons, that would be bearish. Otherwise, get ready to fire up those buy orders again soon.