Looking at the BTCUSD pair today and we're looking bullish and could be staring down the barrel of a possible trend reversal, I'm waiting for a break of the 8.4k resistance to confirm.
I've said many times before that the pair has been labouring under a bearish trend since it failed to break the 12k mark on three separate occasions, but we look like we've got some green shoots emerging.
The market looks jittery and we've seen on the hourly chart any failure to push a resistance is wiping 3-4% off the price only for it to slowly recover. I think it may be some months before we have full confidence back in the pair, but these baby steps maybe the beginning of a stronger trend.
One cannot ignore the negative agenda the mainstream players have over the currency and given the appetite for investor risk, any future upward trend is in the spotlight and I believe the whiff of any negative news will see the price plummeting once more, but in the meantime slowly but surely wins the day.
Watch the bigger picture, don't be blinded by FOMO and objectively look at the trend.
Good luck!!
I've said many times before that the pair has been labouring under a bearish trend since it failed to break the 12k mark on three separate occasions, but we look like we've got some green shoots emerging.
The market looks jittery and we've seen on the hourly chart any failure to push a resistance is wiping 3-4% off the price only for it to slowly recover. I think it may be some months before we have full confidence back in the pair, but these baby steps maybe the beginning of a stronger trend.
One cannot ignore the negative agenda the mainstream players have over the currency and given the appetite for investor risk, any future upward trend is in the spotlight and I believe the whiff of any negative news will see the price plummeting once more, but in the meantime slowly but surely wins the day.
Watch the bigger picture, don't be blinded by FOMO and objectively look at the trend.
Good luck!!