mc_peewee
Long

Bitcoin showing strength for the first time since July!?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone!
Another daily analysis for BITCOIN!

So, recently I have turned very bull for numerous reasons as I believe Bitcoin is going to move UP!

1) Hourly RSI 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 RSI recently dipped past the RSI support of our lowest low in price, thus establishing hidden bullish divergence .


3) 5d MACD has crossed bullish for the first time since July.


4) Volume 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 bullish divergence in the RSI , along with a bearish doji . This doji comes off of the back of a strong bearish candle, which indicates seller momentum may be temporarily exhausted. Combined with the fact that the hourly RSI is creating significantly higher lows, this signals a possible rally!


6) The .618 has now been tested 3 times, with each test producing a bullish rejection. Very long wicks are forming in this area from bearish 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 bullish divergence 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 ETF will end up rejected.
My bias is still bearish , but if Bitcoin can creep back up above $4k and hold support, I will begin to produce more bullish content.
Until we are above $4k or below $3,450 my bias stands as short-term bullish .
Comment:

Hmm..
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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@Boon2, Farm dem follows bruh LOL
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