BTC Bounce off just under $6000:
- bears got their fill
- bounced on extremely significant technical trends, the longer the time frame the more significant
- volume on bounce is the largest we had seen, evidence of this being a true bottom and not a dead cat bounce. volume is a dead give away, would have been wiser to wait for such a signal before re-entry. Hindsight = 20/20
Trend Analysis:
$8.2k area seen as resistance that later became support in late November. Quick bounce off of 5.8k saw huge %, many taking profits. Gut check time ion bulls, if we can breach $9k then $8.8k may prove to be support again.
Trend since $18k shows a descending wedge with a potential bullsh breakout.
Decending wedge using $20k and $17k tops and $10.7 and $9.5 bottoms bearish breakout failed with the $5.8k bounce.
Relative Strength:
Daily RSI: 35 - still very oversold
Weekly RSI: At the lowest since October 2015, these signal a buying opportunity
Weekly MACD looks ready for a bullish crossover.
Mood is bulish
- bears got their fill
- bounced on extremely significant technical trends, the longer the time frame the more significant
- volume on bounce is the largest we had seen, evidence of this being a true bottom and not a dead cat bounce. volume is a dead give away, would have been wiser to wait for such a signal before re-entry. Hindsight = 20/20
Trend Analysis:
$8.2k area seen as resistance that later became support in late November. Quick bounce off of 5.8k saw huge %, many taking profits. Gut check time ion bulls, if we can breach $9k then $8.8k may prove to be support again.
Trend since $18k shows a descending wedge with a potential bullsh breakout.
Decending wedge using $20k and $17k tops and $10.7 and $9.5 bottoms bearish breakout failed with the $5.8k bounce.
Relative Strength:
Daily RSI: 35 - still very oversold
Weekly RSI: At the lowest since October 2015, these signal a buying opportunity
Weekly MACD looks ready for a bullish crossover.
Mood is bulish