A couple of days ago I made an analysis on BTC's bearish wedge pattern. Here I argued that we were likely to have more downside in the near future and that a bounce from the Support Area was expected.
Since the bounce two days ago, the market (especially alts) have seen a very strong bounce. We hit oversold levels on the 4H time frame twice in a row, which historically predicts a bounce for a day or two.
Since my overall market sentiment is still very bullish, I'm willing to take the bet that this was indeed the bottom. As we speak we're seeing a massive influx of buyers coming into the market buying this dip. If we manage to close above $60k at the end of the week, I think that we're going to see new all-time highs in the near future, target placed at $70k. Conservative investors might want to wait until BTC can break above $61k, the last local top during the drop.
Happy trading!
Since the bounce two days ago, the market (especially alts) have seen a very strong bounce. We hit oversold levels on the 4H time frame twice in a row, which historically predicts a bounce for a day or two.
Since my overall market sentiment is still very bullish, I'm willing to take the bet that this was indeed the bottom. As we speak we're seeing a massive influx of buyers coming into the market buying this dip. If we manage to close above $60k at the end of the week, I think that we're going to see new all-time highs in the near future, target placed at $70k. Conservative investors might want to wait until BTC can break above $61k, the last local top during the drop.
Happy trading!
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