Hello!
Since the the July 31 BTC is sending bullish signals: (i) breakout of the falling wedge, (ii) good volume closures above EMA 50; (iii) complete formation of a double bottom (Adam and Eve type) - a bullish pattern; (iv) MACD indicating the end of the correction.
For me, the most interesting was that BTC went back to the bullish channel (purple). Yesterday there was a close just above the lower limit of this channel. Today, we are seeing a rally INSIDE the uptrend channel. But... note that BTC stopped a few points to the 12k resistance - and close to the downtrend line 1. Downtrend lines 1 and 2 form a downtrend channel, but the first test of the upper limit resistance is occuring right now. If BTC fails to break this resistance, we can see BTC prices goes down, to retest the EMA 50. If the BTC fall below EMA 50, then BTC will test again the 9.1k ~ 9.3k support levels (at the risk of falling further).
In my opinion (my opinion - do not trade considering this, do your resaerch), we can see a small correction before BTC surpasses the downtrend line 1.
Since the the July 31 BTC is sending bullish signals: (i) breakout of the falling wedge, (ii) good volume closures above EMA 50; (iii) complete formation of a double bottom (Adam and Eve type) - a bullish pattern; (iv) MACD indicating the end of the correction.
For me, the most interesting was that BTC went back to the bullish channel (purple). Yesterday there was a close just above the lower limit of this channel. Today, we are seeing a rally INSIDE the uptrend channel. But... note that BTC stopped a few points to the 12k resistance - and close to the downtrend line 1. Downtrend lines 1 and 2 form a downtrend channel, but the first test of the upper limit resistance is occuring right now. If BTC fails to break this resistance, we can see BTC prices goes down, to retest the EMA 50. If the BTC fall below EMA 50, then BTC will test again the 9.1k ~ 9.3k support levels (at the risk of falling further).
In my opinion (my opinion - do not trade considering this, do your resaerch), we can see a small correction before BTC surpasses the downtrend line 1.
