Currently Im still bullish until i see price goes below weekly 20MA and confirm the the resistance of 20MA, but clearly we as still in a clear short term downtrend as the MA 20 is obviously rejecting the price clearly in the 4 hours, 6 hours timeframes
There are Some points Im seeing right now
1. Currently Im seeing weakness on the Downtrend waves, we are still having lower lows but we are not reaching the bottom of the downtrend channel
2. Im seeing Wyckoff SOT
3. Im seeing bullish divergences in multiple timeframes of RSI, MACD and MACD Histogram
4. We are very near the Weekly 20MA and the bear waves have weakened and we havn''t touched Weekly MA/EMA 20 yet
5. currently price are holding on support lines and MAs of different Timeframes
Historically BTC almost always do a 3 point divergence before going up.. currently im seeing 2 point.. coming from the 2 swing lows so we might touch the MA 20 before going upside
Things to take note
on higher scale we are still bearish as we have a macd crossing (crossed/about to cross depending on this week.. end) which by history if confirmed by the EMA 9/20 is quite really bad drop
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DISCLAIMER: This is NOT A FINANCIAL ADVICE.. THIS IS FOR EDUCATIONAL PURPOSES ONLY
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Comment:
We also don't want to close the monthly below 45k else that will become a perfect text book example of bearish engulfing and will might confirm the monthly swing high and will be bearish because if this is confirmed the swing high... we will have a divergence on monthly chart with 2017 swing high
