Sometime it's better to keep TA as simple as possible. Drawing a lot of lines and using many indicators can be confusing.
We can notice BTC price being in a consolidation phase, why is this bullish? Here you have some reasons:
1) BTC is consolidating for 1 year and a half, in the range between 30k and 70k. This consolidation is happening over the previous 2018 top. This is bullish.
2) BTC made an higher low during this consolidation.
3) The fear and greed index was at 65 during the february 2021 local top (40k).
One year later, in the same month and at the same price, the fear and greed is 25.
4) The bollinger band, both in the monthly and the weekly TF, has already restored to bottoms levels.
5) Low volume, or slightly rising, in consolidation is very normal.
6) The adoption is more than ever. Uk's government is promoting crypto, Russia is doing the same. Many countries with un-banked populations are moving to adopt cryptos. More countries are on the way of making BTC legal tender.
The direction is up and this is clear.
You can notice that i drew on the chart my expectations for the future movement of the bollinger band. If it will follow the last two local tops we will probably see a deep movement in the indicator.
We can notice BTC price being in a consolidation phase, why is this bullish? Here you have some reasons:
1) BTC is consolidating for 1 year and a half, in the range between 30k and 70k. This consolidation is happening over the previous 2018 top. This is bullish.
2) BTC made an higher low during this consolidation.
3) The fear and greed index was at 65 during the february 2021 local top (40k).
One year later, in the same month and at the same price, the fear and greed is 25.
4) The bollinger band, both in the monthly and the weekly TF, has already restored to bottoms levels.
5) Low volume, or slightly rising, in consolidation is very normal.
6) The adoption is more than ever. Uk's government is promoting crypto, Russia is doing the same. Many countries with un-banked populations are moving to adopt cryptos. More countries are on the way of making BTC legal tender.
The direction is up and this is clear.
You can notice that i drew on the chart my expectations for the future movement of the bollinger band. If it will follow the last two local tops we will probably see a deep movement in the indicator.