BTC or XBT (whatever it is) finally broke out of the down trend. For the first time since June 2019, it finally achieved a higher high (not ATH, but trend based HH).
Does this mean we are in an uptrend? No... we would need to establish a new Higher Low, and then an new Higher High for that to be confirmed.
But at least it means it is no longer in an official down trend currently.
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Well holy fucking shit, I expected it to come down more, but we have now officially established a new higher low, and new higher high on the weekly.
So technically speaking BTC has re-entered an uptrend.
If we get below 10911 though, the uptrend will be invalidated.
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Correction, we haven't established a new higher high (that won't occur until the weekly bar is closed), but we did achieve it.
Nice idea!
I think the current market sentiment is overextended. The drop in CME institutional trader net position last week also indicates 11k is overpriced for the short term. Even though the actions in the past week broke us out of the technical downtrend, we can’t shoot up in a straight line.
What do you think of the analysis below?
eb8
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@Phi-Deltalytics, Thanks for the comment, and your analysis is very good. The key levels I am looking at here is if it can establish a new Higher Low above 8815, and then a new Higher High.
eb8
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@eb8, If on the weekly chart it can establish, and maintain a new higher low, and then again get a new higher then we have officially reversed course from the official down trend, into a new official uptrend. But we are not there yet.
eb8
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@eb8, we need to see another new higher low, and then another new higher high, on the weekly for uptrend confirmation.
eb8
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@eb8, Probably not what most people want to hear. Most people want to hear about where it is heading in the next couple days. That's not what this analysis is about. This is the weekly chart after all.