Before the weekend we already gave our update on the BTC situation. Claiming there will be a bullish reversal, eventhough the market is cautious due to the flashing Pi-Cycle indicator. This had rimple effect that even Plan B turned a bit bearish on the short term.
Everyone uses his own strenght, but to us price action is always more significant then indicators. And it showed significant bullness.
So for now; on saturday the neckline broke of the iH&S. Which got retested during the weekend. With some iffy price action just below the necline. But considering it was a) the weekend with generally some off-beat price action we were awaiting monday b)the consoidation below the neckline was a declining broadening wedge on lower timeframes (which is bullish). We are aiming the target of 69k-70k USD now.
The most bearish consideration is that the volume was in a declining trend. It would be more powerful and certain if it would follow through with significant volume, but nothing of great concern.
Everyone uses his own strenght, but to us price action is always more significant then indicators. And it showed significant bullness.
So for now; on saturday the neckline broke of the iH&S. Which got retested during the weekend. With some iffy price action just below the necline. But considering it was a) the weekend with generally some off-beat price action we were awaiting monday b)the consoidation below the neckline was a declining broadening wedge on lower timeframes (which is bullish). We are aiming the target of 69k-70k USD now.
The most bearish consideration is that the volume was in a declining trend. It would be more powerful and certain if it would follow through with significant volume, but nothing of great concern.
