BTC has followed its first close above the 20EMA (Dark Blue) since the 20 EMA feel below the 50 ema in late May (Yellow Vertical Line). Its confirmed the BULLISH sign with a bounce and move up providing the first real BULLISH Technical sign in some time.
The bounce not only tests the moving average but the 6595 Horizontal level and this is important for two reasons. It’s a Real Bullish sign not the imagination of some trader stuck in a historical BTC trade he is desperate to get out of the level now gives us something concrete. For now I will say above 6595 we are Neutral (Not yet Bullish) and Below it we are Bearish. It’s a level we can watch and cut out all the Bullpoop that can confuse our sentiment.
For us to start and really believe in the move we need to be a bit patient. We need a test of the 50 ema and the 6927 level (Orange). We are likely to get a pullback from there and need a higher low and then a break and close above the level on a 4H or Daily chart. Then we can start and be Bulls again.
We must always remember this is a new BTC from the old days. People who thought they were trading genius are now stuck in positions brought at 15, 18 and even 20K. They are desperate to get out and those that can still find their wallets and PW will sell into any Rally. I expect progress up to be slower, but at least we see some signs of it. The low volume weekends have been a bastion for the Bears and the current stability is another great sign for us.
Remember to make money it takes DollarsNSense. Be patient, take the trades that make sense and not those that feel right. I will be with you for the journey now, Follow me to get proper Technical analysis based on Sense and not Hype.
Follow us now
The bounce not only tests the moving average but the 6595 Horizontal level and this is important for two reasons. It’s a Real Bullish sign not the imagination of some trader stuck in a historical BTC trade he is desperate to get out of the level now gives us something concrete. For now I will say above 6595 we are Neutral (Not yet Bullish) and Below it we are Bearish. It’s a level we can watch and cut out all the Bullpoop that can confuse our sentiment.
For us to start and really believe in the move we need to be a bit patient. We need a test of the 50 ema and the 6927 level (Orange). We are likely to get a pullback from there and need a higher low and then a break and close above the level on a 4H or Daily chart. Then we can start and be Bulls again.
We must always remember this is a new BTC from the old days. People who thought they were trading genius are now stuck in positions brought at 15, 18 and even 20K. They are desperate to get out and those that can still find their wallets and PW will sell into any Rally. I expect progress up to be slower, but at least we see some signs of it. The low volume weekends have been a bastion for the Bears and the current stability is another great sign for us.
Remember to make money it takes DollarsNSense. Be patient, take the trades that make sense and not those that feel right. I will be with you for the journey now, Follow me to get proper Technical analysis based on Sense and not Hype.
Follow us now
YOu will see in the PIC, that the last two rallies have had consolidation like the recent consolidation and then sold HEAVILY. We still need to see more BULLISH confirmation here before we get to excited.