As predicted in my previous article the price had made a fairly well calculated move over to the down side leading into the bitcoin 2022 conference and thereafter, as most of the market tanked along side BTC. The following points will add extra confluence to your doubts on the current market.
In the last article I said $1 would be the level of support to hold before the reversal pattern would emerge. Unfortunately the price overextended to the downside, Which is never a bad thing as it gives indicators such as the RSI and the MACD to reset to levels of bullish reversal signals for those who use the indicators. The price has not extended to the point of bearish reversal and a reason for that is because the price is currently resting on a level of support which was a previous level of resistance in the bearish multi month downtrend.
The above fact alone is a great sign for a bullish move, and plays a big role in my confidence in the market playing a bullish hand in the days, weeks to come.
At the time of this article the RSI is sitting healthy at around 41, which gives the market a lot of potential bullish strength and space to move. The MACD as well is currently converging towards the bulls. The confluence of the above technical indicators and patterns come together in a beautiful trio that should give you a great perspective to add to your own research and TA.
I unfortunately cannot give you an exact price for the short to medium term as a pattern has not arisen to give me that prediction, however I will be waiting on the pattern to come.
Thank you for reading this far, I hope this article helped give you a different or even contrasting perspective on the current market. Feel free to give me your opinions on this market or any market in the crypto space.
In the last article I said $1 would be the level of support to hold before the reversal pattern would emerge. Unfortunately the price overextended to the downside, Which is never a bad thing as it gives indicators such as the RSI and the MACD to reset to levels of bullish reversal signals for those who use the indicators. The price has not extended to the point of bearish reversal and a reason for that is because the price is currently resting on a level of support which was a previous level of resistance in the bearish multi month downtrend.
The above fact alone is a great sign for a bullish move, and plays a big role in my confidence in the market playing a bullish hand in the days, weeks to come.
At the time of this article the RSI is sitting healthy at around 41, which gives the market a lot of potential bullish strength and space to move. The MACD as well is currently converging towards the bulls. The confluence of the above technical indicators and patterns come together in a beautiful trio that should give you a great perspective to add to your own research and TA.
I unfortunately cannot give you an exact price for the short to medium term as a pattern has not arisen to give me that prediction, however I will be waiting on the pattern to come.
Thank you for reading this far, I hope this article helped give you a different or even contrasting perspective on the current market. Feel free to give me your opinions on this market or any market in the crypto space.