We have multiple "early bullish" signals, those that are waiting for confirmation and also some confirmed ones... Let's have a look at those.
Bitcoin (BTCUSD) is moving weekly above EMA10 (green) and EMA50 (magenta). This signal is only confirmed once the weekly candle closes above $44,222.
We have a test of EMA100 as support and it holds, this signal has already been confirmed.
After testing EMA100 we get a price bounce; more on this below.
Finally, we a have a broken downtrend just as it happened back in May/July.
Now, for the general view we are bouncing off a correction before one last low, but this can change, how?
The whole ultra bearish scenario is being perpetuated by certain political institutions and their influence on the market.
If this institutions decide not to raise interest rates but instead resumes buying everything within the markets while keeping rates low, Bitcoin and Cryptocurrency is very likely to reverse and continue straight up.
But if the intended hikes are implemented, we can see the effect as one last, massive, final drop.
Whatever happens, be prepared, be ready... The volume has been very low.
And as we all learned back in early 2018... Yes Bitcoin will move to new highs. Yes it will recover, for sure... 100% certain. But the market moves in waves... Up & down, up and down... Down and then back up!
Have been eyeing the weekly and 5D resistance trendlines for a few of the major crypto looking for confirmation of a major trend reversal.
Equity market dump EOD, though (largely due to CPI data and further hammered into markets by Bullard's comments), looks like we will be retesting prior support zones first.
btaylorrunner
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Thanks for providing a common sense analysis. Im tired of seeing calls for 25k and below. Do you think we can see 100k by June/July??
and institions dont get to perpetuate instead they go fish
FALLING-CANDLES
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but the rsi from 1/4/21 weekly its peak point btc was 42k yet as it went down btc hit 65k...and when it came back for 69k run it stayed well under the rsi fractal from last year... which makes me wonder ...why it doesnt just stay under that same fractal and evenrually hit oversold
bizmark
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Thanks for your view. This is my take on Weekly chart. Cheers!