60% correction in 80 days, LINK barely wicked in demand zone, currently trading below the resistance.
The daily chart shows some early buy signals, wave trend slowly changing to the upside, OBV also pointing upside but still in negative territory.
One more touch and bounce in the demand zone would be better and safer signal.
Bitcoin currently at intraday resistance, weekend volume low as usual.
The weekly chart shows that we are still at the macro resistance for this downtrend, but possible that the weekly body closes above this resist which would be bullish for BTC.
Building a short position looks like the best option at this moment, price...
Strong day for the bulls breaking the short term downtrend from $175 zone.
Ideal entry for a long trade would be a retest of the previous resistance zone.
Possible shorter time frame consolidation before the uptrend continues.
The outlook is bullish.
Strong resistance ahead:
- downtrend line all the way from $285 zone
2000, 2008 and 2020, those three times in the last 20 years SPX dropped below weekly 200 MA, and guess what happened last two times? So for everyone who is thinking SPX started another bull run, good luck out there!
On the other side we have Bitcoin which has never closed below weekly 200 MA in its history. I know it's not comparable, century and a decade of...
As I mentioned in my last TA, for BTC to continue macro bullish trend buyers had to push the price above weekly 200 MA. Couple of days later the price is already above that simple moving average. Weekly close will be very important, if bulls can keep the price afloat we will have nice capitulation painted bottom, confirming 3k with a higher high of 3,8k.
BTC is currently on a dangerous grounds, with the price trading below weekly 200MA. For macro bullish continuation this week has to close above 200MA, otherwise we could see new lower lows and change from bullish macro trend which lasted 10 years to possible multi year bear market. Some alts already went to lower low in macro trend, some are still trading above...
In the last idea Small H&S painted structure for this bullish breakout of btc, reaching its short term target, breaking 6 months downtrend channel and reaching first big resistance for creating higher high. In just one month BTC value rocketed by 30%. Some more consolidation after breakout would be healthy for the market.