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BTCJPY bull action incoming?

BITFLYER:BTCJPY   Bitcoin / Japanese Yen
South Korea country will be easing the tight hold on crypto trading currently in the country. This could be the case in more countries soon which should help bring more investors in the space.

We finally have some bullish action today with a bullish engolfing on the daily chart . Of course we still need to wait for the close to consider this candle but it looks possible to close bullish here.

Checking the lower timeframes, I would say its healthy if we retrace or consolidate a bit first.

It is possible we go sideways from here and travel up to the top of a larger triangle to be drawn from this last low. Even if we do, I would expect some retracements to come in for sure before reaching ~ $8K.

The 0.50 and 0.618 fibs which I consider healthy retracements fall on previous structure, the 200 Moving Average is climbing and could provide local support here.

As we are definitely not in a bulltrend yet, I am interested to see if we start trending up on the lower 15 min timeframe here.

$300 - $500 swings are not out of the ordinary here, stay safe

Lets wait and see where we go next :)



Comment: The daily candle closed bullish, the volume of the candle and the bullish divergence on pretty much all timeframes pointed to a reversal.

This leg up retraced to previous structure which provided support in the 0.50 and 0.618 area.
This is trending nicely, we need to see a higher high now to continue bullish.

This could also draw out another triangle where the break will show direction.

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