Welcome fellow Tradingviewers,
We can see that our last analyses is still valid. we are still moving inside the Big falling wedge, with a possible bullish outcome. If you have not seen that one before, make sure to check it out!
We have gone to the lower end of the wedge, reaching 6400, it was still short of the 6200 target that should have been the support of the wedge, but atleast we know it is a real wedge now.
The volume has been picking up confirming our view on the market.
The volume gave the picture that yesterday, shorts were closed and some real buying occurred. Crazy to see how Bitcoin manages to gain 1000 dollar in a single day.
Judging on volume and sentiment we could say that we have formed a mid to long term low here, we still need to see how things are going to fold out but for now everything is looking better for the bulls.
The Bulls managed to close the daily above 7200 diminishing the work that the bears had done in the last two days, resulting in a very big Bullish engulfing candle hinting that more upside is to come.
The MACD and RSI divergences are still in play which is also in favor of the Bulls.
Seems like we are moving against the resistance of the wedge as we speak, as long as the bulls are able to keep the prices above 7K the chance of more upside momentum is bigger than a correction.
The fear in the market could also be considered bullish since the Smart money usually moves in the oppsite direction of the crowd ;)
Closing a candle above the 7400 level would mean the Wedge wedge is now in full play and Longs can be opened. With the targets located in the graph.
This is just our view on the market and should not be considered financial advice, if you liked our analyses please don't forget to leave a like!
If there is anything you want to discuss let us know in the comments below.
Kind regards,
Forallcrypto
We can see that our last analyses is still valid. we are still moving inside the Big falling wedge, with a possible bullish outcome. If you have not seen that one before, make sure to check it out!
We have gone to the lower end of the wedge, reaching 6400, it was still short of the 6200 target that should have been the support of the wedge, but atleast we know it is a real wedge now.
The volume has been picking up confirming our view on the market.
The volume gave the picture that yesterday, shorts were closed and some real buying occurred. Crazy to see how Bitcoin manages to gain 1000 dollar in a single day.
Judging on volume and sentiment we could say that we have formed a mid to long term low here, we still need to see how things are going to fold out but for now everything is looking better for the bulls.
The Bulls managed to close the daily above 7200 diminishing the work that the bears had done in the last two days, resulting in a very big Bullish engulfing candle hinting that more upside is to come.
The MACD and RSI divergences are still in play which is also in favor of the Bulls.
Seems like we are moving against the resistance of the wedge as we speak, as long as the bulls are able to keep the prices above 7K the chance of more upside momentum is bigger than a correction.
The fear in the market could also be considered bullish since the Smart money usually moves in the oppsite direction of the crowd ;)
Closing a candle above the 7400 level would mean the Wedge wedge is now in full play and Longs can be opened. With the targets located in the graph.
This is just our view on the market and should not be considered financial advice, if you liked our analyses please don't forget to leave a like!
If there is anything you want to discuss let us know in the comments below.
Kind regards,
Forallcrypto
