Ok, for days and days, after BTC finished the head and shoulders pattern on support and moved toward it's target, me and few of my friends, were a bit worried about the retrace time, why?
If you would look at BTC on weekly chart with log mode, you could find a wedge with the bottom sitting around 5100 !!! There is still a bit chance for hitting that bottom price but,
as the hours go forward, we are seeing support at current zone, there is a huge shift of power toward bulls, hidden in CCI, also, there is huge shift of momentum in the market that can be seen in both Stochastic and MACD (my oscillators are modified versions of those two).
These facts, can be an early sign of good support, the only thing we need for these conditions to be valid, is for the price to rise above 7050 and get stable above that price.
If you would look at BTC on weekly chart with log mode, you could find a wedge with the bottom sitting around 5100 !!! There is still a bit chance for hitting that bottom price but,
as the hours go forward, we are seeing support at current zone, there is a huge shift of power toward bulls, hidden in CCI, also, there is huge shift of momentum in the market that can be seen in both Stochastic and MACD (my oscillators are modified versions of those two).
These facts, can be an early sign of good support, the only thing we need for these conditions to be valid, is for the price to rise above 7050 and get stable above that price.