tl;dr I am bullish short term.
RSI hit the bottom and already shows signs of reversing to bullish.
I don't expect it to shoot back up instantly, unless there's a sudden pump from somebody market buying a large amount of BTC. If that happened, I would actually be glad I was wrong xD
Talking about big volumes... I've been looking closely at the average volume (30), and to me it looks like volume is slowly growing since the 16th of July. I find this is the most interesting takeaway from this chart.
I can smell the bullish sentiment in Crypto Twitter, and with good reason. Information about crypto and blockchain is increasing exponentially, governments and other institutions are well aware of what is coming and there's news everyday about some new company or institution investing in crypto or blockchain.
Market is still shaking from the crash at 20k, but all we need is a little spark than sends everything skyrocketing again.
Nobody knows when this can happen and the market could go choppy or even continue it's downtrend for a longer period, so as always, if you are going to invest, be wise about how much money you allocate.
I AM IN NO WAY CALLING THE BOTTOM,
but I do believe it will continue to 6800. Once it hits that price, I would like to recheck the chart.
RSI hit the bottom and already shows signs of reversing to bullish.
I don't expect it to shoot back up instantly, unless there's a sudden pump from somebody market buying a large amount of BTC. If that happened, I would actually be glad I was wrong xD
Talking about big volumes... I've been looking closely at the average volume (30), and to me it looks like volume is slowly growing since the 16th of July. I find this is the most interesting takeaway from this chart.
I can smell the bullish sentiment in Crypto Twitter, and with good reason. Information about crypto and blockchain is increasing exponentially, governments and other institutions are well aware of what is coming and there's news everyday about some new company or institution investing in crypto or blockchain.
Market is still shaking from the crash at 20k, but all we need is a little spark than sends everything skyrocketing again.
Nobody knows when this can happen and the market could go choppy or even continue it's downtrend for a longer period, so as always, if you are going to invest, be wise about how much money you allocate.
I AM IN NO WAY CALLING THE BOTTOM,
but I do believe it will continue to 6800. Once it hits that price, I would like to recheck the chart.
Comment:
I will update tonight with further analysis and my possible targets, thought I'm rather tempted to just buy and HODL from here onwards, no trading.
Like I said, I'm glad I was wrong. Things smell bullish. I really do feel like volume is pouring back in. The 1D and 1W Average volume line looks to me like it's going to pick up momentum.
Slowly, but surely. The previous weekly candle already closed what I consider as bullish.