Hi all,
This is what I have been looking for to be making any call of "Bull Market".
I have been playing bearish quite a bit this year and seen a lot of bull market calls through out, none of which had enough to convince of an actual change in trend.
I see this as the strongest sign of a trend change now for the following reasons.
-Please see red arrows marked, these mark every higher low to occur, the blue arrows mark the higher high.
-This is the first higher high all year
-The downward weekly trend line has now been broken and with force
From here:
-The close of the daily candle is important to see if it can sustain this level, volume is also important if we can see a rise in volume on the moves upward and decrease in volume on the moves down we are looking good for confirmation of bull market.
-On the weekly over all the volume has been decreasing all year indicating a consolidation of the epic bull run from the last couple of years.
Let see :)
This is what I have been looking for to be making any call of "Bull Market".
I have been playing bearish quite a bit this year and seen a lot of bull market calls through out, none of which had enough to convince of an actual change in trend.
I see this as the strongest sign of a trend change now for the following reasons.
-Please see red arrows marked, these mark every higher low to occur, the blue arrows mark the higher high.
-This is the first higher high all year
-The downward weekly trend line has now been broken and with force
From here:
-The close of the daily candle is important to see if it can sustain this level, volume is also important if we can see a rise in volume on the moves upward and decrease in volume on the moves down we are looking good for confirmation of bull market.
-On the weekly over all the volume has been decreasing all year indicating a consolidation of the epic bull run from the last couple of years.
Let see :)
Comment:
So after posting this yesterday I have found out about Tether and Bitfinex. The fact that these Bitfinex charts are the only ones displaying this size candle does change my perspective a lot, BTC is still in a bearish down trend at the moment but regardless of weather this candle is an anomaly from this event it is still there, so the charts may still dictate a change in trend. Good Luck
