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In this analysis, we analyze Bitcoin's 4H chart, and assess its technicals to determine its and probabilities.
- To begin with, Bitcoin's prices are currently trading way above significant support zones
- It has managed to test and bounce off of the 10.5k support, which confirms that the trend is indeed
- Prices are trading above the ( ) Ribbon, and the support
- However, there is a clear divergence, with higher highs on the price and lower highs on the
- While the Moving Average Convergence Divergence ( ) shows potentiality for a golden cross, the trend lacks momentum for confirmation
- The Oscillator is also showing signs of a potential corrective trend
The long short ratio is at 71 to 29, with significantly more long positions than shorts, indicating strong signs of sentiment in the market.
What We Believe
While there are signs of a potential correction, the fact that we have managed to secure the 10.5k support indicates extreme bullishness. It's also important to note that divergences formed during strong uptrends have historically played out to a minimal degree, as Bitcoin continued to rally upwards after a very small correction.
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LINK/BTC just took off today, too! I charted this ascending triangle breakout earlier today and it just hit target 4 for a 49.55% gain! Good times! <3