It at least shows a short-term bottom forming... I still think the US stock market needs to recover, which it may, for BTC to get strongly bullish again. We'll see what next week brings.. US stock market may have just charted a double bottom to late January's low, which would be bullish if support holds.
RSI shows room to run and on the upswing. I don't anticipate strong moves either way, but could be wrong. I think the crypto market will largely wait to see how the US stock market fares next week. US stock market may have just charted a double bottom to late January's low, which would be bullish if support holds.
Bitcoin has been moving in a broad rising channel on the weekly chart that started since the April's peak. Recently, the price bounced on the support line of the rising channel. This pullback came in line with the primary bullish trend as the 20-week EMA is still moving over the 50-week EMA, which indicating that the bull market is still intact.
The appreciation...
I'm not too faithful when it comes to BTCSHORTS ratio trendlines but as you can see on the chart the last time that trendline broke down we went from 29k to 69k
Looks like we are building something similar even if it's not as extreme as summer lows but worth keeping an eye on.
I would expect a massive multimonth uptrend once that trendline breaks
BITCOIN THE MONEY SHOT - thing are looking scary for the crypto world but this should be temporary, looking forward to a bumpy March with 2 opportunities ahead !
This is just my observation do whatever you want..!
Bitcoin is nothing but the battlefield of algorithms..!
You can see the most important support(green line) and resistance (red line) levels.
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a...
I see this too much these days, And I want to share why IT IS WRONG !
Well , as far as we are talking about harmonic patterns , I should say WE CAN NOT SAY THIS IS A HARMONIC PATTERN , BEFORE IT APPEARS.
If we do so , it would be a disrespectful behavior to the essence of harmonic patterns , but its not bad to say this is a possibility.
Technically , its not...
On top of the $ 39,500 level, Babbitt faced a strong resistance and the slow process of reforming it might lead to a decline in prices ranging from $ 29,500.
Given that we are in a downward trend and with the steps created, weakness in the buyer is evident and We are waiting for the formation of Kandel, which is starting a downward trend in this region . No method is as simple and tangible as Price Action . Long live Price Action
With the current momentum, it is highly likely BTC will retest the 30K zone in less than 3 weeks!
Keep in mind this is a 3 weeks forecast and there will be some positive days in between that could be used for day traders!
There is a slight chance BTC retest the 45-46K level in the next 7 days and then slips away!
However, the probability of having more red days is...
First we pump to damn near previous ATH.
Retail who is currently panic selling and shitting their pants are in disbelief, they FOMO in and provide us with exit liquidity.
We proceed to print a nasty head and shoulders on the weekly and then its goblin town.
The past, the present and the future occur simultaneously.
Everything that is always has been and...
Should find out soon but providing the bulls are still here, they would want to use the impulse from this wedge break to also take out the recent wave high. I have cloned the height of the wedge for a target area.
Not a lot of time for this to happen other wise I would call it a false break out.
