Hello traders! BTCUSD had a bearish plummet. But there is no need to worry, bulls! The trend is still intact. And we are in the PERFECT place to buy! Don't forget to like and subscribe for more detailed Technical Analysis.
BTCUSD recently hit 41k, which is bullish. But afterwards, a pullback took place. This is normal since many intra-day swing traders put their profit target at the 41k zone.
I can say that as of this writing it is a perfect time to buy BTCUSD. Remember: 'buy the dip'. Here is why:
1. Fib 0.236 support zone
This Fib zone is very important because it served as resistance in the past days. This is a scenario of a resistance turning into support. Price bounced from it.
2. Important trendline(blue in chart) touched, signifying that bull trend still exists
This blue trendline is our basis for deciding whether our trend still is intact and strong. The trend is fresh, considering the recent triangle breakout, discussed in the next number.
3. Triangle breakout, pullback, then wave 3 of Elliot
The triangle(highlighted in orange) breakout means a fresh start of a strong bull trend. After the pullback to 38k we may witness price ascend to 41k and possibly breaking the All time high. The pullback has decreasing volume, indicating that it is a healthy one.
4.Effective Divergence Indicator(the middle and bottom pane) says price is oversold, major Dots support holds
In the Effective Divergence Indicator of EffDi, it says that the price is very oversold. In the bottom pane, the Oversold line(bottom part of band) has been hit, saying that the bottom is around 38k. While in the middle pane, the EffDi "Dots" touched a support level. The EffDi main line(the line that has yellow, green, red) gives us an oversold reading.(P.S Please read about the EffDi at the last section of this post)
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We have many bullish signals already. However, we still need confirmation. A Good confirmation is a candlestick pattern at our support levels. Let us wait. I will update this post when one forms.
Get ready. Bitcoin gives us one last chance to enter the bull run. Not just BTC, but also other cryptocurrencies like ETH and ADA. Because most cryptos tend to go with BTC. Time to breach All time high!
Thank you for reading!
What is your opinion? Drop some comments below!
Be sure to like and subscribe for more!
About the EffDi
Most components of the EffDi is still private, and is under development. I will release them around January 10. Mark your calendars!
BTCUSD recently hit 41k, which is bullish. But afterwards, a pullback took place. This is normal since many intra-day swing traders put their profit target at the 41k zone.
I can say that as of this writing it is a perfect time to buy BTCUSD. Remember: 'buy the dip'. Here is why:
1. Fib 0.236 support zone
This Fib zone is very important because it served as resistance in the past days. This is a scenario of a resistance turning into support. Price bounced from it.
2. Important trendline(blue in chart) touched, signifying that bull trend still exists
This blue trendline is our basis for deciding whether our trend still is intact and strong. The trend is fresh, considering the recent triangle breakout, discussed in the next number.
3. Triangle breakout, pullback, then wave 3 of Elliot
The triangle(highlighted in orange) breakout means a fresh start of a strong bull trend. After the pullback to 38k we may witness price ascend to 41k and possibly breaking the All time high. The pullback has decreasing volume, indicating that it is a healthy one.
4.Effective Divergence Indicator(the middle and bottom pane) says price is oversold, major Dots support holds
In the Effective Divergence Indicator of EffDi, it says that the price is very oversold. In the bottom pane, the Oversold line(bottom part of band) has been hit, saying that the bottom is around 38k. While in the middle pane, the EffDi "Dots" touched a support level. The EffDi main line(the line that has yellow, green, red) gives us an oversold reading.(P.S Please read about the EffDi at the last section of this post)
-------------------------------------------------------------------------------------
We have many bullish signals already. However, we still need confirmation. A Good confirmation is a candlestick pattern at our support levels. Let us wait. I will update this post when one forms.
Get ready. Bitcoin gives us one last chance to enter the bull run. Not just BTC, but also other cryptocurrencies like ETH and ADA. Because most cryptos tend to go with BTC. Time to breach All time high!
Thank you for reading!
What is your opinion? Drop some comments below!
Be sure to like and subscribe for more!
About the EffDi
Most components of the EffDi is still private, and is under development. I will release them around January 10. Mark your calendars!