Directional Movement Index (DMI) Blue line (bullish strength) is below 10 which has always led to upwards reversal. (Because DMI lines have a tendency to go back to 25). Blue line is currently at 7.66 (lower than previous 6k and 6.4k bounces) but still a bit to go to ATL of 3.70 which happened during height of bear market in 2014-2015.
EWO has yet to show a lower low (ie lower than previous immediate low), so continued downwards movement is likely.
OBVOSC (On Balance Volume Oscillator) is still within the trend line drawn to depict a bullish divergence.
EWO has yet to show a lower low (ie lower than previous immediate low), so continued downwards movement is likely.
OBVOSC (On Balance Volume Oscillator) is still within the trend line drawn to depict a bullish divergence.
Comment:
Bitcoin bottomed out at $5755 on June 24th. Predicted nailed!