gmasro

What everyone was missing out on BTC analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Hello everyone!

Let's talk about something that nobody has mentioned before. Events like yesterdays rally, made everyone being surprised, to the point that no one had an explanation for it.
And why why came this rally so unexpected? Because, everyone was waiting for another drop, expecting it to happen for 3 Weeks now. Did it happen? No.

No one paid attention on the simple and clear picture of the chart. Many think, TA has to be complex with 100's of lines, waves, patterns etc. No, it's actually very simple and clear, if you focus on the relevant.

For 3 Weeks in a row, the weekly trend line showed support. BTC             hasn't dropped below it, what is very significant, if you think about it, that we are in a big bear market! RSI showed strong divergence on the daily. An other sign, that selling pressure is getting weaker. All signs that the majority didn't pay attention on. Everyone was waiting for extended bear flags to break down, what never happened.

For now, we wait if BTC             can stay above the blue trend line on the weekly timeframe . Because that's what counts more than a 5 min chart!
We want to find out if we are about the enter a new bull market. The rest is irrelevant.

Good trading!

G.M.
People have an explanation for the jump: short squeeze. Shorts went parabolic the night before, and someone squeezed them in a coordinated effort, causing them to have to cover their shorts with massive buy volume.
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nah, some of us seen it.
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