Hello traders! Bitcoin recently had a dump. But well, that dump is no more! I will explain why with technical analysis. Don't forget to like this post, and follow for more!
Here are my evaluations:
1. Strong 30k support halts bearish dump
The 30k support is a remarkable one because it halted 3 sudden pullbacks, and it is also a psychological number. This one halted our recent dump. Definitely bullish.
2. High red volume bar indicates the end of the dump
When I mean by a red bar, the volume is in remarkably high values. If we can notice, a red bar signals that there may be a change in direction. The red bars are highlighted in yellow highlight. We just had a red bar, indicating the end in the pullback, and a bullish reversal.
3. 14-Period RSI divergence with price
Divergence in the RSI gives us a warning that the pullback isn't going to continue further. BTCUSD is very likely to have a bullish run.
4. after a pullback, the price always retraces to the orange trendline in the chart
If we can observe, after the pullbacks, the price always had a run to the orange trendline. This is very bullish, as we may expect 35-37k being the price within the next 5 days.
5. A pullback lasts only up to 2 days
2 days only. Then number 4 above plays out.
These are very bullish signals we should take into account. They determine the course of bitcoin. Bitcoin may reach 36k until another dump. Note that when price hits the orange trendline, we get an orange/yellow bar.
Thanks for reading! ♠Do not forget to like and subscribe to my TradingView Account!♠ Cheers!
P.S. The colored bars are from the Volume Heatmap indicator, from xdecow. Thank you for making this wonderful indicator.
Here are my evaluations:
1. Strong 30k support halts bearish dump
The 30k support is a remarkable one because it halted 3 sudden pullbacks, and it is also a psychological number. This one halted our recent dump. Definitely bullish.
2. High red volume bar indicates the end of the dump
When I mean by a red bar, the volume is in remarkably high values. If we can notice, a red bar signals that there may be a change in direction. The red bars are highlighted in yellow highlight. We just had a red bar, indicating the end in the pullback, and a bullish reversal.
3. 14-Period RSI divergence with price
Divergence in the RSI gives us a warning that the pullback isn't going to continue further. BTCUSD is very likely to have a bullish run.
4. after a pullback, the price always retraces to the orange trendline in the chart
If we can observe, after the pullbacks, the price always had a run to the orange trendline. This is very bullish, as we may expect 35-37k being the price within the next 5 days.
5. A pullback lasts only up to 2 days
2 days only. Then number 4 above plays out.
These are very bullish signals we should take into account. They determine the course of bitcoin. Bitcoin may reach 36k until another dump. Note that when price hits the orange trendline, we get an orange/yellow bar.
Thanks for reading! ♠Do not forget to like and subscribe to my TradingView Account!♠ Cheers!
P.S. The colored bars are from the Volume Heatmap indicator, from xdecow. Thank you for making this wonderful indicator.
Comment:
We are good. Nice bounce. Read this. This is updated
