The last candle has a very long lower wick, which can be read as a signal favoring the bulls, that's for sure.
This long wick is likely due to El Salvador buying 420 Bitcoins in one scoop.
But, is this enough to change the newly developed short-term trend?
We have a descending channel marked orange (please keep in mind that this is SHORT-TERM, which means that things can change fast).
We have the MACD still below zero and the RSI below 50 trending lower.
My Bitcoin short went live 26-Oct. and we just hit the first target on that "El Salvador's" candle.
Normally, after a target is hit you get a bounce.
Technically, the chart momentum is leaning towards the bears.
I personally don't trade Bitcoin. I accumulate, buy, hold, buy, hold, buy, buy, buy, hodl...
But, many people trade.
If prices move and close above $63,800. The bulls are back in favor in my view.
What do you see? What to do?
Right now is waiting time... Give it a few days or a few weeks... There will be so much action on the Altcoins side, that we can let Bitcoin do its correction before the final hit.
We are still on for $100,000, $150,000, and beyond.
This is a short-term analysis. Do not lose the long-term perspective. Do not mix it up.
This is Alan Santana.
I am sharing light and knowledge with you. I am always sending you positive vibes and tons of LOVE!