Bitcoin is a bag of tricks, you think its bullish, but then it breaks down, you think it's bearish then it breaks upward. This is how money is made, by fooling the small holder, making him spite himself and sell (or buy). Bots may be able to spot them. You can expect any bullish signal to be liable to reverse at the last moment, as well as any bearish one. Expect the unexpected. Always use that stop loss.
Here we got a bearish divergence on the weekly forming, maybe not complete. But bulls I think were caught off guard by 93xx resistance, and were targeting the the 95xx 38.2 Fib retracement as their medium term target. Now many of them may be taking losses. Shorts are higher than longs again, usually (as per this uptrend) they get squeezed, but can it be done again?
Lets look at that weekly stochastic RSI. A whopper of an indicator. It's bearish momentum has not abated even with a weekly bullish engulfing.
Bulls are wetting their pants trying to reach the 10k, but can they do it? Resistance has shown itself once again. Can the bulls shrug it off again and hit the high 10k moon? Bears were overconfident at 5800 thinking 6k would do the trick. Have they learned from their mistakes? I'd like to get back in when we have reached the low 20s. RSI target should be no lower than the 55 - 60. As this is indeed a bull market (with title disclaimer). We had our golden cross, we should re-test the 200 daily at some point to receive confirmation.
Yes indeed the weekly was an evening star reversal pattern with confirmation. But thats not enough Bitcoin has to reverse the reversal at least once before it yields to logos. With the weekly bullish engulfing not quite enough to close above the previous high I think we're in for a rough ride whichever way the market decides to take.
Here we got a bearish divergence on the weekly forming, maybe not complete. But bulls I think were caught off guard by 93xx resistance, and were targeting the the 95xx 38.2 Fib retracement as their medium term target. Now many of them may be taking losses. Shorts are higher than longs again, usually (as per this uptrend) they get squeezed, but can it be done again?
Lets look at that weekly stochastic RSI. A whopper of an indicator. It's bearish momentum has not abated even with a weekly bullish engulfing.
Bulls are wetting their pants trying to reach the 10k, but can they do it? Resistance has shown itself once again. Can the bulls shrug it off again and hit the high 10k moon? Bears were overconfident at 5800 thinking 6k would do the trick. Have they learned from their mistakes? I'd like to get back in when we have reached the low 20s. RSI target should be no lower than the 55 - 60. As this is indeed a bull market (with title disclaimer). We had our golden cross, we should re-test the 200 daily at some point to receive confirmation.
Yes indeed the weekly was an evening star reversal pattern with confirmation. But thats not enough Bitcoin has to reverse the reversal at least once before it yields to logos. With the weekly bullish engulfing not quite enough to close above the previous high I think we're in for a rough ride whichever way the market decides to take.