Merry Christmas everyone!
As we approach a new year and halvening for BTC I figured it was a good time to make a post on overall picture.
Will we stay bearish forever? Does the trend continue to favor the bears?
Well it does... until it doesn't......
This is mostly a volume analysis on the hourly charts, and after having some consolidation the selloffs appear to be weak by the bears. That could change if supports break but currently looks bullish to me.
I also pointed out with a few of the downward pointing arrows the two false breakouts, and then test of support break with no follow through. RR favors bulls here.
Zoomed out a bit more the whole structure looks to be resembling an inverse head and shoulders as well.
7250, 7500, then eventually 8100 are going to be resistance. 8100 is going to be heavy so I definitely don't expect that to break on first attempt.
Here is a more zoomed out picture of the target zones (red boxes)
Hope everyone enjoys the holidays!
As we approach a new year and halvening for BTC I figured it was a good time to make a post on overall picture.
Will we stay bearish forever? Does the trend continue to favor the bears?
Well it does... until it doesn't......
This is mostly a volume analysis on the hourly charts, and after having some consolidation the selloffs appear to be weak by the bears. That could change if supports break but currently looks bullish to me.
I also pointed out with a few of the downward pointing arrows the two false breakouts, and then test of support break with no follow through. RR favors bulls here.
Zoomed out a bit more the whole structure looks to be resembling an inverse head and shoulders as well.
7250, 7500, then eventually 8100 are going to be resistance. 8100 is going to be heavy so I definitely don't expect that to break on first attempt.
Here is a more zoomed out picture of the target zones (red boxes)
Hope everyone enjoys the holidays!
Comment:
Lets see if this one follows through!