These aren't the bulls you're looking for...yet
So, here it is: my very first published chart on TV - pls be gentle ;)
Sorry in advance for my noobish analysis and language (non-native english speaker here)
Data: BTC/CNY - Houbi - 4h
Even if Bitcoin price is recovering since November 21st, it seems that we haven't escaped the major downtrend yet.
A similar move happened earlier on Nov, 18th (green line) and support broke after getting squeezed between fibonacci & uptrend lines (solid green lines vs. dotted blue ones & colored fibonacci zones).
Momentum: Mom "broke out" with the beginning of the latest recovery phase, but this doesn't mean, bulls are in charge now - The same thing happened on November, 16th and current moves here are far too low for now. To confirm a new uptrend, Mom should at least form a higher high at 125+ PVT confirms this onholding downtrend for now, but we're close to break the line here. Laguerre RSI also shows no movement at all for the past hours.
Conclusion: To escape the ongoing downtrend, Bitcoin needs waaaay more volume and a higher momentum. It's currently very easy for Bears to strike over and over again if uptrends keep on moving as slow and cautiously as in the past days.
That's it for now.
Feel free to comment my charts :)
Have fun!
Grinny
Sorry in advance for my noobish analysis and language (non-native english speaker here)
Data: BTC/CNY - Houbi - 4h
Even if Bitcoin price is recovering since November 21st, it seems that we haven't escaped the major downtrend yet.
A similar move happened earlier on Nov, 18th (green line) and support broke after getting squeezed between fibonacci & uptrend lines (solid green lines vs. dotted blue ones & colored fibonacci zones).
Momentum: Mom "broke out" with the beginning of the latest recovery phase, but this doesn't mean, bulls are in charge now - The same thing happened on November, 16th and current moves here are far too low for now. To confirm a new uptrend, Mom should at least form a higher high at 125+ PVT confirms this onholding downtrend for now, but we're close to break the line here. Laguerre RSI also shows no movement at all for the past hours.
Conclusion: To escape the ongoing downtrend, Bitcoin needs waaaay more volume and a higher momentum. It's currently very easy for Bears to strike over and over again if uptrends keep on moving as slow and cautiously as in the past days.
That's it for now.
Feel free to comment my charts :)
Have fun!
Grinny
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