Since June 18, bitcoin (BTC) has been rising, and it is currently trying to make a higher low above £17,200.
Since the start of April, BTC has been slipping under a descending resistance line. On June 7, the line resulted in a rejection, and on June 16, it produced a low of £14,400. Since then, the price has been rising.
By rising above 30, the RSI has officially left its oversold region. This typically indicates that the trend is gradually shifting toward the upside.
The nearest resistance area, produced by the 0.382 Fib retracement resistance level, which also falls on the aforementioned resistance line, would be at £19,000 if the upward momentum continues.
The trend would change to bullish if the price broke out above the zone and line.
The price has broken out from a short-term inverse head and shoulders pattern, as shown on the two-hour chart. This pattern is bullish and frequently results in upward movements. As a result, it encourages the rise in the direction of the previously mentioned resistance.
The descending resistance line is currently being validated by the price as support.
This notion is further supported by the six-hour chart, as the movement below £16,500 appears to be a divergence. The area could now provide resistance.
A higher low might be achieved by BTC, which would open the door for more upward movement.
If the RSI also rises over 50, the ascent will become more likely.
The long-term wave count is still open to different possibilities. Regarding the short-term count, the most likely scenario is that the price started a new downward movement on June 18 after finishing a five-wave negative movement that began in July.
Price is currently trying to complete an A-B-C corrective structure above the 0.382 to 0.5 Fib retracement support level at £16,000 to £16,400.
If it succeeds, it can start a rise toward the resistance area at £19,000.