We have had a very dramatic month in Bitcoin and crypto. The FTX problem sent crypto into a bearish trend, but now I am expecting a bullish move upwards. In fact, it is entirely possible that we will have a rally.
On the weekly chart you can see my reasons for this expectations:
1. We have a bullish divergence on the weekly chart. Since this is weekly, it is more impactful and more important.
2. We have a bullish divergence on a much larger scale and this can be easily observed on the monthly chart.
3. The bearish moves we have experienced so far seem like big corrections from the large rallies of the past. That correction is over and we already broke out of the bearish pattern.
4. On the daily chart we can see multiple indications of a reversal, such as reverse head & shoulders and what appears to be a bull flag.
I could be wrong, of course, but I am buying because I believe that we will go up to previous highs soon.