However, if that doesn't happen and certain conditions aren't met, BTC may be "in trouble". Where trouble, look for a lower healthy pull back on the 1W scale which should be a desirable long term buy opportunity for investors.
So which are these conditions?
First, the current 1D candle needs to reverse immediately. The April never broke the supporting (black) line.
Second, the 1D MA40 needs to hold and support the uptrend. It has been doing so since February 17th.
Third, the needs to recover from the currently neutral 48.000 mark. The April recovered from a similar Lower Low sequence.
If the above conditions fail to be fulfilled, BTCUSD should pull back for the first time on the 1W chart since January/ February 2019 and seek support on the 1D MA200. That would be the perfect long term buy signal and an opportunity for those who missed the April - May rally to buy and those long term investors who methodically wish to add BTC on every respectable pull back.
Do you agree with the similarities between those fractals? Do you agree with those conditions and think that a potential 1W pull back will be harmful? Let me know in the comments section!
REGISTER HERE --> https://primexbt.com?signup=139341
*Crypto, Forex,Indices, Commodities
*5 order types
*0.05% trading fee on all assets