This is something we saw back in 2015 and it basically confirmed the end of bear trend.
While it's highly likely we'll see a deeper "technical" pullback on the upcoming days/weeks ( as MA50 still lags under MA100 ), Bitcoin is poised to move much higher on medium term and it's quite likely to consolidate over MA20 ( red ), as it did back in 2015-2016. As you noticed MA20 did turn up already.
MA50/MA100 crossover would finally confirm a strong and firm uptrend.
Above the latest update for my BTC medium term ( 1W ) analysis.
You can read relevant previous posts here:
As you may nitotice a topping formation ( head & shoulders ) is playing.
All in one night.
Good to fill some orders.
Accumulate on further weakness, wait for some consolidation.
A small gift for daytrading, enjoy.
That's a ***very rare*** occurrence.
A TD strip > 9 or 13 means a rather long sequence of days seeing a rising price.
While this has little or no importance at all short term, it has some potentialy interesting implications for the medium term scenario.
Look at the chart below:
Here's two things i want to point out:
1) TD strips exceeding 13 ( red square ) are extremely rare on downtrends / sideway market ( a single red line span ).
2) TD strips exceeding ( all squares, except the red one ) are pretty common into uptrends ( blue line span ).
3) The first TD strip exceeding 13 sequence after a bottom usually marks the start of an uptrend ( see green squares ).
Got the message ?
We''ll see whether we have an "early bird" here or not.
Below the fixed message. Sorry.
Here's the things i want to point out:
1) TD strips exceeding 13 ( that single red square ) are extremely rare on downtrends / sideway market ( red line span ).
2) TD strips exceeding 13 ( all squares, except the red one ) are pretty common in uptrends ( blue line span ).
3) The first TD strip exceeding 13 after a bottom usually marks the start of an uptrend ( see green squares ).
Hanging man + evening star in formation.
We've seen it in action already ;)
Further medium term considerations:
1) MA100 ( green ) is first true support.
2) MA50 ( blue ) still have to cross over MA100, meaning currently uprend is still fragile.
3) MA20 ( red ) is climbing fast. Once 2) is done it may become short term trend support.
There's a chance it may nail 11700-12200$ area.
Because we had a pullback to previous support ( dotted red ), now resistance.
It's the upper bound of a broader rising wedge, with a -seemingly- smaill flag within. 12200-12500$ is resistance.
Short term price can move either way, with a slight bearish bias.
Use some caution and wait for market to pick some direction.
Anyway, we have some noticeable risk of a topping pattern here.
So better acting accordingly and reduce risk.
Otherwise it would be rather ugly.
Anyway, mediium term i would expect a further low, unless 11800$ is recovered before monday.
Seems unlikely so far, we'll see.
Unless price breaks through 11000$ resistance area bears will keep control.
best bet for the bulls would be a further inverted H&S, with a right shoulder ideally above 9800$.
Anyway, unless the bulls manage to pierce through the previous support in 11k area bias keeps bearish.
Smart insight as to the iH&S, which as far as I can tell is confirmed by the volume pattern. My strongest doubt is the ability for the price to easily overcome the last peak.
Good work, we are looking forward to read you on the bb as well ..
I doubt bulls will break through easily, best option i would think is a Cup& handle.
Anyway, IF they manage to break through the following may be possible ( first resistance above 16000$ ):
***So far*** that's just speculation though.
Le't see IF bulls still have something in their sleeve, or bears will take over.
Personally I have now a (still small) short position on btcusd and kept my long-term long position open with a SL. I cheer for the drop at the moment
That wouldn't change the current picture, which would stay mixed.
In case of a dowmove, bears may regain some traction if breaking under 11800$.
Anyway that's wild speculation for now.