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So, in my previous analysis I told that BTC could fall a little bit and it did, but it was nothing more than a bear trap.
Now we are forming triple bottom bullish reversal pattern which can lead us straight to the important zone 7600.
Also you can call it inverse head and shoulders with neckline near 7800, cause second bottom is below the first and the third one, whatever you want.
First serious obstacle is 50 MA on the 1D time frame, which is ~7390 now.
On the lower time frame we'll soon have a cross of 100 MA above 200 MA on 4HR chart.
So we are slightly bullish short term.
I think that this is the bottom at least for coming weeks.
Always DYOR and have profitable trades!
Good luck!
Please support this idea with likes and subscribe to get fresh updates!
So, in my previous analysis I told that BTC could fall a little bit and it did, but it was nothing more than a bear trap.
Now we are forming triple bottom bullish reversal pattern which can lead us straight to the important zone 7600.
Also you can call it inverse head and shoulders with neckline near 7800, cause second bottom is below the first and the third one, whatever you want.
First serious obstacle is 50 MA on the 1D time frame, which is ~7390 now.
On the lower time frame we'll soon have a cross of 100 MA above 200 MA on 4HR chart.
So we are slightly bullish short term.
I think that this is the bottom at least for coming weeks.
Always DYOR and have profitable trades!
Good luck!
Comment:
It's time to take profits completely even if you are long term trader. BTC is touching 100 MA at 7941 on 1D chart which is insanely huge obstacle. Don't forget that a few days ago we were at 6900. 1000$ growth.
BTC reached 8000, bought 7365.
Congrats!
BTC reached 8000, bought 7365.
Congrats!
Have a good start of the week!