Hello guys! How are you going today?
So what can we expect for Bitcoin?
Instead of jumping into a biased analysis while saying “Bitcoin” is bullish or bearish or will go there and there…. – I would prefer providing a neutral analysis including a bullish and bearish scenario - then, you decide !
Let’s jump into the facts!
Bullish indicators
On the monthly chart…
1 – MACD is evolving above the median line
2 – RSI shows a Higher Low
3 – Price is contracting in a wedge
4 - Price is above EMEA21 and there is nearly 1 week before the month closure. For this indicator to remain bullish, it is important BTC stays above $7500 and the next opening candle should stay above this price level as well.
5 – I have been through a couple of analysis and I have not read anyone mentioning the size of the wick… Guys, this is very significant – you should all pay attention to this… BTC did not have any bear rejection of nearly 60% (size of the wick in green) through a consolidation since 2010…
The other bear rejections are formed on top of waves to squeeze the early bears… In my opinion there are very different psychological patterns (in red)
Bearish indicators
Ok – so now let’s move on to the bearish indicators
1 – Histogram is in a downward channel and MACD are printing Lower Highs
2 – RSI is struggling against a resistance
3 – Price is very close to evolve below EMEA21
4 – Overall, volume shrinks while price pulls back from the trendline – it confirms the channel.
5 – In 100% of cases EMEA21 crosses over EMEA 55 (Death Cross), there is a bearish reaction on the weekly chart by nearly a drop of 60%
As you can see, the death cross just happened end of March
What will happen next ?
The market will decide !
Cheers everyone
So what can we expect for Bitcoin?
Instead of jumping into a biased analysis while saying “Bitcoin” is bullish or bearish or will go there and there…. – I would prefer providing a neutral analysis including a bullish and bearish scenario - then, you decide !
Let’s jump into the facts!
Bullish indicators
On the monthly chart…
1 – MACD is evolving above the median line
2 – RSI shows a Higher Low
3 – Price is contracting in a wedge
4 - Price is above EMEA21 and there is nearly 1 week before the month closure. For this indicator to remain bullish, it is important BTC stays above $7500 and the next opening candle should stay above this price level as well.
5 – I have been through a couple of analysis and I have not read anyone mentioning the size of the wick… Guys, this is very significant – you should all pay attention to this… BTC did not have any bear rejection of nearly 60% (size of the wick in green) through a consolidation since 2010…
The other bear rejections are formed on top of waves to squeeze the early bears… In my opinion there are very different psychological patterns (in red)
Bearish indicators
Ok – so now let’s move on to the bearish indicators
1 – Histogram is in a downward channel and MACD are printing Lower Highs
2 – RSI is struggling against a resistance
3 – Price is very close to evolve below EMEA21
4 – Overall, volume shrinks while price pulls back from the trendline – it confirms the channel.
What will happen next ?
The market will decide !
Cheers everyone