Another for BITCOIN!
So, recently I have turned very bull for numerous reasons as I believe Bitcoin is going to move UP!
1) Hourly recently dipped into oversold for the 3rd time in recent days. Each successive dip into oversold has been significantly higher than the last.
2) 6h recently dipped past the support of our lowest low in price, thus establishing hidden .
3) 5d has crossed for the first time since July.
4) has been declining since we hit our local top, however this particular area seems to be of interest as volumes have been growing. Buy side seems to be getting stronger the further down we test.
5) The 3d which just closed shows strong in the , along with a . This comes off of the back of a strong candle, which indicates seller momentum may be temporarily exhausted. Combined with the fact that the hourly is creating significantly higher lows, this signals a possible rally!
6) The .618 has now been tested 3 times, with each test producing a rejection. Very long wicks are forming in this area from hammers, another indicator that buyers are present.
6) We still have yet to test the .786, let alone our current bottom. Truth be told, I thought we would of by now especially after the fall from $4k. Psychology tells me that if they haven't dropped us on our face by now to test our recent low, we may not any time soon.
I am starting to believe that we may test some higher regions before going full on bear again.
The thing that worries me at this point is that we haven't established in the weekly- which is normally a huge buy signal.
This alone tells me that we WILL eventually re-test our current bottom, but it may be put off for a while yet.
I'm thinking around the end of February we will re-test, as it is very likely in my eyes that the will end up rejected.
My bias is still , but if Bitcoin can creep back up above $4k and hold support, I will begin to produce more content.
Until we are above $4k or below $3,450 my bias stands as short-term .