Possible signs of reversal. Broke out of descending channel
Now I will be the first to admit, I'm not an expert. The overall trend has been bearish and is still waiting to be confirmed otherwise. But there is potential upside since things have further developed. Yesterday was the largest BTC withdrawal from exchanges we have seen in a VERY long time. Buying pressure has picked up today after retesting the previous low. We have had a strong bounce since then but we are not out of the woods by a long shot.
If you have been paying close attention, there have been many fake-outs and this absolutely could be another. Parabolic rises, result in the equal opposite. There is strong pressure around these next few levels and we can easily see a reversal back down to test new lows.
The last thing I will note is the overall consensus when it comes to TA and FA of the overall BTC market, which is is absolutely BEAR. Many others that aren't as technical are 100% BEAR. These could potentially be signs of a fake-out as the vast majority of the time, the overall consensus is not correct. This is to be taken with a grain of salt, but something to think about nonetheless. The Stock to Flow Model still can potentially hold true for BTC as it has for the last 12 years. We are also at a very crucial point in the supercycle for the bull run and it cannot be ruled completely out yet. The BIGGEST thing I will leave off on is we have indeed crossed the 2 week MA, which up until now has been the last nail in the coffin for the bull run and we have never recovered from that in any bull yet. That being said it could absolutely be a first, but we must not put all our eggs in that basket. Happy trading
If you have been paying close attention, there have been many fake-outs and this absolutely could be another. Parabolic rises, result in the equal opposite. There is strong pressure around these next few levels and we can easily see a reversal back down to test new lows.
The last thing I will note is the overall consensus when it comes to TA and FA of the overall BTC market, which is is absolutely BEAR. Many others that aren't as technical are 100% BEAR. These could potentially be signs of a fake-out as the vast majority of the time, the overall consensus is not correct. This is to be taken with a grain of salt, but something to think about nonetheless. The Stock to Flow Model still can potentially hold true for BTC as it has for the last 12 years. We are also at a very crucial point in the supercycle for the bull run and it cannot be ruled completely out yet. The BIGGEST thing I will leave off on is we have indeed crossed the 2 week MA, which up until now has been the last nail in the coffin for the bull run and we have never recovered from that in any bull yet. That being said it could absolutely be a first, but we must not put all our eggs in that basket. Happy trading