Bitcoin turning bullish in weekly chart?(Important observations)
I watched Bitcoin in 1D chart and I saw that it is neutral and calm but not for long and 1W chart shows to me a more bullish scenario and that things will not be that calm anymore soon.
Let's see why (Bullish Observations):
1- Stoch RSI is oversold again and we can see that the blue line is going slowly up to make a cross. We can also see that Bitcoin made a clear ABC correction if we ignore the spikes in lower time frames and only look at closed candles in 1W chart.
2-RSI is oversold looking at the fact that Bitcoin oversold RSI is not under 30 but actually 30-40 area.
3-MACD is in reversal area and a cross up on it would be extremely bullish
4-DMI is converging and that shows BTC will soon decide a new trend.
If Bitcoin keeps holding up price above 6K area we might see a bullish first week in July and maybe the beginning of a new uptrend.
Bear observations:
All the points I above are bullish points I saw but they will probably become invalid if Bitcoin closes a weekly candle under 5.9K dollars.
If it closed under 5.9K we should fall to last ATH before the 20K bull run which is 4.9K dollars and IF we not hold up from 4.9K which I doubt we won't then we should fall to 3K dollars.
I strongly believe we are not falling more from here but volume right now is low and whales can quickly change this bullish scenario to a bearish one but right now things looks bullish and this looks like a bottom for Bitcoin.
Let's see why (Bullish Observations):
1- Stoch RSI is oversold again and we can see that the blue line is going slowly up to make a cross. We can also see that Bitcoin made a clear ABC correction if we ignore the spikes in lower time frames and only look at closed candles in 1W chart.
2-RSI is oversold looking at the fact that Bitcoin oversold RSI is not under 30 but actually 30-40 area.
3-MACD is in reversal area and a cross up on it would be extremely bullish
4-DMI is converging and that shows BTC will soon decide a new trend.
If Bitcoin keeps holding up price above 6K area we might see a bullish first week in July and maybe the beginning of a new uptrend.
Bear observations:
All the points I above are bullish points I saw but they will probably become invalid if Bitcoin closes a weekly candle under 5.9K dollars.
If it closed under 5.9K we should fall to last ATH before the 20K bull run which is 4.9K dollars and IF we not hold up from 4.9K which I doubt we won't then we should fall to 3K dollars.
I strongly believe we are not falling more from here but volume right now is low and whales can quickly change this bullish scenario to a bearish one but right now things looks bullish and this looks like a bottom for Bitcoin.
Comment:
To make the bullish points above invalid I am actually gonna say that BTC must close weekly candle under 5.5K dollars and not 5.9K