Bitcoin
#BTC Short term support is at 37,400. There have been several positive technical developments since I left on sabbatical last week. There was a successful test of support at the Median line (blue dashed line) of the short term Schiff Pitchfork. Also, an advance through the Upper Parallel on Saturday and a test of that as support (green circle) and follow through to the upside today are additional positives. There has also been a re-ignition of upside momentum as witnessed by the Fisher Transform and MACD. The next hurdle will be the range of price resistance at the 50,000 to 51,300 level. We have added a short term Schiff Modified Pitchfork (Gold P1 to P3) to delineate the trend from the July lows as it appears to best marker of the vector of the rally. More tomorrow in our multi-time frame analysis for our paid subscribers!
The Market's Compass
Read more: https://themarketscompass.substack.com/p/bitcoin
Text source: The Market's Compass Technical View
