(BTC) Are the bulls back?!?! NO!!!...But change is in the air!!!Alright folks, I know I dropped a COINBASE:BTCUSD analysis for you yesterday (and its held solid!!!)....but I felt like it would be beneficial to provide something less "predictive" and just drop some facts.
So as I said, no predictions today, just facts!
And I must say, these facts look real promising; all signs point to a significant momentum shift in the recent trend.
Enough babble, lets lay it down!
1. The most recent major peak was the first since things turned bearish to break above the ATH overhead resistance.
2. The downtrend from this peak has been significantly less impulsive than the prior major peaks.
3. Although things may be dipping a bit COINBASE:BTCUSD appears to have formed a new minor support above the previous minor channel.
4. Swing lows on the MACD are not only getting higher, but they are now diverging further from their low support for both the signal and MAC.
5. The MACD volatility has dropped off significantly since the second major peak.
6. The MACD is spending significantly longer periods above the zero line.
7. Last but certainly not least, we are seeing convergence of the 24% fib retrace, the july-november low support, and the major overhead resistance.
So in short... are we out of the woods yet?
Absolutely not.
BUT with all of the signs in front of us, I smell the perfect storm for a significant breakout assuming we can smack through that overhead resistance!
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
Remember, TA is neither investment advice nor a guaranteed result, but rather an informed prediction of historical and emerging patterns.
Good luck and happy trading!
Austin Doyle
CTO
Crypto Playhouse
