Today the bears lost control and the bulls are now back in control. As of today, I am now long.
Here are my bullish indicators.
1) After the dump down just below weekly support to $9500 I started a trendline from the low. We are now above that.
2) The $9600 level is a major support level on the weekly timeframe. BTC was not willing to stay below it. Tested it numerous times and then rose above it.
3) Bitcoin has been staircasing down. The last roof was $9900 and we are now above that.
4) July 20 on the daily was a key date. I started a trendline from the top of the candle and from the bottom of the candle (PICTURED AS TWO THICK BLACK LINES). When BTC crossed above the bottom it was the start of our shoot up. Even more bullish is it shot above the top trendline.
5) Good green volume showing lots of buyers rushing in.
Since things change quickly, my long would be falsifiable if we 1) Will not hold the $9900 support level and/or 2) Not hold the bottom thick downward trend line (from bottom of July 20 daily). If one fails I will be on high alert. If both fail I will swap bias.
Here are my bullish indicators.
1) After the dump down just below weekly support to $9500 I started a trendline from the low. We are now above that.
2) The $9600 level is a major support level on the weekly timeframe. BTC was not willing to stay below it. Tested it numerous times and then rose above it.
3) Bitcoin has been staircasing down. The last roof was $9900 and we are now above that.
4) July 20 on the daily was a key date. I started a trendline from the top of the candle and from the bottom of the candle (PICTURED AS TWO THICK BLACK LINES). When BTC crossed above the bottom it was the start of our shoot up. Even more bullish is it shot above the top trendline.
5) Good green volume showing lots of buyers rushing in.
Since things change quickly, my long would be falsifiable if we 1) Will not hold the $9900 support level and/or 2) Not hold the bottom thick downward trend line (from bottom of July 20 daily). If one fails I will be on high alert. If both fail I will swap bias.