On the scale of the month, we can clearly see that we are still moving in the descending channel. The formation of the extreme candle looks like a “reversal”, which gives us a good opportunity to jump to the upper edge of the channel, but it will be rather difficult and unlikely to go higher. In the case of achieving resistance of 5,000, the chances for a breakdown and fixation above are very small, to continue further to decline more likely, since the market still does not have sufficient volumes for a real bullran. Still adhere to the scenario that we are now witnessing a rebound of a dead cat.
The weekly scale looks positive, to maintain a bullish mood, we need to keep above the 3650 mark. On the month scale, there is still a strong oversold, but on the weekly chart RSI and Stoch RSI look positive, there is a rather bullish attitude and good chances for the upward movement. Day-to-day MACD also looks good. In addition, we can note that now we are in a zone of strong resistance and going higher will lead us to the area with little or no resistance, where we can get a rather strong bullish impulse.
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Still on the bull side, but the formation of the extreme weekly candle looks alarming. If the shadow remains more than the body, then it is very likely that we will further get a step down. This does not cancel the scenario of moving to the range of 4500-4960, a corrective pullback is quite a healthy phenomenon and a possible step down is exactly what it is (relative to the last growth wave).
Still on the bull side, but the formation of the extreme weekly candle looks alarming. If the shadow remains more than the body, then it is very likely that we will further get a step down. This does not cancel the scenario of moving to the range of 4500-4960, a corrective pullback is quite a healthy phenomenon and a possible step down is exactly what it is (relative to the last growth wave).
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On the scale of the month, the extreme candle still looks like a reversal (not globally, but within the movement of the downward channel), which gives a chance to see a bullish green color next month. On a week scale, we see the formation of a red candle, which is quite logical after such a powerful bull green one. At the moment, we observe the expected (and voiced in past posts) rollback, there are no reasons for panic or strong negative.
The main scenario of this post remains fully relevant, while Bitcoin above the support noted in previous publications in the market remains bullish.
On the scale of the month, the extreme candle still looks like a reversal (not globally, but within the movement of the downward channel), which gives a chance to see a bullish green color next month. On a week scale, we see the formation of a red candle, which is quite logical after such a powerful bull green one. At the moment, we observe the expected (and voiced in past posts) rollback, there are no reasons for panic or strong negative.
The main scenario of this post remains fully relevant, while Bitcoin above the support noted in previous publications in the market remains bullish.
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Globally, the situation is unchanged: on the scale of the month we can still continue to move to the upper edge of the channel, on the scale of the week Bitcoin is still on the bull side and has good support that coped with market pressure during the recent drawdown, which is a good sign. Most indicators still demonstrate the possibility of continued growth, so the next candle of 1-month scale is expected to see green.
Globally, the situation is unchanged: on the scale of the month we can still continue to move to the upper edge of the channel, on the scale of the week Bitcoin is still on the bull side and has good support that coped with market pressure during the recent drawdown, which is a good sign. Most indicators still demonstrate the possibility of continued growth, so the next candle of 1-month scale is expected to see green.
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We see good chances for building another wave of growth, which can raise the price closer to the 5000 area. The bull scenario is still relevant, support near the level of 3650 looks decent, you should pay attention to the state of RSI: clear signs of an uptrend and also a good opportunity for another wave of growth. The formation of a bull flag or a pennant is also striking, any of these patterns is a positive signal and indicates upcoming growth. In a sense, we are still neutral, the next couple of days can indicate the further direction of the market: leaving and fixing below support (not to be confused with false breakdown) will indicate a continuation of the downward trend, going beyond local resistance (not confusing false breakdown) will strengthen positive scenario and will continue the upward trend in the near future.
We see good chances for building another wave of growth, which can raise the price closer to the 5000 area. The bull scenario is still relevant, support near the level of 3650 looks decent, you should pay attention to the state of RSI: clear signs of an uptrend and also a good opportunity for another wave of growth. The formation of a bull flag or a pennant is also striking, any of these patterns is a positive signal and indicates upcoming growth. In a sense, we are still neutral, the next couple of days can indicate the further direction of the market: leaving and fixing below support (not to be confused with false breakdown) will indicate a continuation of the downward trend, going beyond local resistance (not confusing false breakdown) will strengthen positive scenario and will continue the upward trend in the near future.