🔥 Bitcoin Strong Reversal: Dump Might Be Over

This morning we're going to take a look at Bitcoin's reversal. In my previous BTC analysis I argued that the main area to buy in again was 31k-30k. Please take a look for reference:

It appears that my entry zone was the trigger of a massive buying spree. This was also helped by the fact that the 4H RSI hit oversold a couple of time. Normally I never look at indicators, but the RSI is interesting in this case.

There are two reasons why I think the dump is over in the near term.
1) The price hit my entry zone, bounced off the May 23rd low, making it a double bottom reversal.
2) the 33.5k resistance has been broken by a massive 4H candle. There's still ~1 hour left on this candle, but I'm expecting we're going to close above it.

The first minor target is the channel resistance line. I don't expect it will hold with the bullish volumes we're seeing now, but keep an eye on it anyway.

This last dump might have been the final shake-out of weak hands before a massive pump occurs. Take a look at my long-term BTC analysis for my view on where we're going in 2021:

For the upper analysis to occur, I first need to see a break out of the 40k-42k area, which has been a key area in all my latest BTC analyses.

In addition, now might also be the time to scoop up cheap alts in case you're bullish on the coming months. Make sure to do your research.

Happy trading!

Comment:

Just got a very strong break out candle, right through the channel resistance. Gonna be interesting to see whether we will continue pushing upward or fall back to 35k.