Reversal pattern on BTCUSD completed, road to new beginnings?
It's been a while since such a pump has been spotted in the BTC jungle. We're overbought on the 4H chart (but were already before the last big pump), but reasonably far from it on the 1D chart. MACD has good momentum upwards. So to me there's definitely room to go up. Moreover we completed the head&shoulders reversal pattern, which should make for a good support. To me there is good chance we see 7650-7800 before facing serious resistance. We may be in EW3 currently. Of course all of this started from a formidable pump, which screams for "manipulation", as it looks like patterns have been carefully painted... But in the end it doesn't really matter, as it's all about believing/following the move impulsed depending on what sentiment it installs. We're also following Wickoff's scenario.
On a more fundamental basis we should also keep in mind that generally the industry has been super active in these bear months, with regulators and institutions wrapping their heads around the crypto world pretty intensely, with cryptocurrencies even to become a topic taught for CFA certification. It was often heard that big money was waiting on the sidelines to jump in. Are we there yet? The path is not all clear yet but signs are encouraging at this stage.
On a more fundamental basis we should also keep in mind that generally the industry has been super active in these bear months, with regulators and institutions wrapping their heads around the crypto world pretty intensely, with cryptocurrencies even to become a topic taught for CFA certification. It was often heard that big money was waiting on the sidelines to jump in. Are we there yet? The path is not all clear yet but signs are encouraging at this stage.
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