BITCOIN Perspectives - Bullish 🐂

So much going on with the BTC chart at all times. Even when price looks boring there are seemingly endless fakeouts with both bullish and bearish perspectives for the short - mid term. It is high complexity algorithmic structure designed to keep us all guessing.

So here's a bit of bull and bear both at the same time...

This SOW in A and 0.382 band has seen a lot of reversal activity that I have highlighted where it has acted both as support and resistance. It is now an important price band.

Now dipping below the band potentially in fakeout it is currently finding support on the 50DMA which if it can hold will be bullish for another short term leg up. But if it does fall below and find resistance on the 50DMA that will be bearish. That said price can have plenty of fakeout around the 50DMA but still find support in the end.

AND!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

If it does hold this area - do you now what charting pattern it will form? Yes you guessed it - the hodler classic. The inverted head and shoulders!

From there BTC should see the 0.618 retracement at 52K - possibly more.

Any significant crossing of the 50DMA and i'll lose interest in having any open trades probably for quite a while. But for now its ok.


Not advice.

Comment:

Comments, charts, on chain analytics, fundamental considerations - all welcome.

Comment:

And here's one reason I favour the upside in the short - mid term. In a reversal, especially after a heavy downtrend when these lines move far apart most common is more trend to follow.