BTC Bull Market Back on Track!
we have come to a point in this current market where the price has given us a strong signal that a possible reversal is building up for a breakout in to a full swing bull trend in the medium term. However by looking at the chart we are still within a longer term bearish trend which is slowly coming to a halt with many signals and indicators to back this statement. One thing to understand about a general market is that nothing lasts forever and although we have been in this trend for over a month does not mean we will stay in it forever, in my opinion it is much more likely a reversal is imminent based on fundamentals alone.
as I have said in many other posts, the fundamentals are lining themselves up for a huge narrative shift which is not new to ant market, but is more prevalent in crypto markets based on the media backing as well as slow institutional adoption that is growing rapidly. IN my personal opinion I feel the institutions have been accumulating crypto for longer than they proclaim but have not bade it mainstream for reasons I don't have to get into and are self explanatory.
All fundamentals opinions aside, I am here for my technical perspectives and will discuss them in the paragraphs that follow.
we are currently experiencing a beautiful reversal attempt from BTC which without the relevant lines would make no sense, but analysis acts as a language which speaks through its lines created by phycological levels determined by a majority of peoples with like minded ideas on fluctuations of the market. The reason I say the asset is attempting a reversal is based on the fact that nothing I predict is for certain but have a +-70% success rate if all my indicators and confluences add up correctly.
1) MacD & RSI: although the macd is in the red at the moment doesn't mean it is bearish . the candles are seen to be reversing which will lead to a convergence sooner or later. However the RSi is acting as a further confluence for the mac, as it has seen to have retraced slightly off the oversold line as looks to climb higher.
2) Golden pocket: The golden pocket has proven to be one of my strongest confluences within my trading plan and should not be taken likely. The price at the moment is slightly below the GP but is being pinched into decision by the bullish trend lines seen as the white channel. The medium term direction of the market is currently waiting for decision as to where the price will go, will it break into the GP or will it break bearish out of the current bullish channel . This is a clear example of why I do not proclaim to say my perceptions are 100% certain as anything can play out in the next few hours. This is a very serious point in time to focus on as it plays a bigger role than one would think.
3) channels: It was discussed earlier that we are currently in a larger scale bearish trend . However all long term trends come to an end and a bullish channel has formed within the downward channel . Therefore decision will have to come soon as the bearish and bullish channel have formed a pennant which is slowly pinching the price into decision, as well as the GP which is situated in such a place that it is almost a perfect textbook depiction of a potential strong breakout. However there is a chance we will be denied entry into the golden pocket and fall to the support of the bearish channel , which is my worst short term case scenario.
one would complain when I do not give specific prices when typing my technicals. I'm not truing to say that specific numbers are not important but in my opinion numbers should remain on the chart unless targets and key support and resistance are being individually mentioned. Therefore i will display the current important lines to watch out for below.
Golden pocket: 34.2k - 35.7k
support: 32.7k - 30.6k - 27.7k (78% fib) - 21.3k
resistance: 41.3k - 47k
One thing to note is these levels mentioned are based on a larger time frame and should not be considered the only levels to watch out for, as smaller time frames will bring about more levels.
If you are reading up until this point you are truly passionate about what you do as you would take your time to equip yourself with someone elses perspective on the current asset. Keep it up and don't forget to like and follow for more in depth yet simple technical analysis .
as I have said in many other posts, the fundamentals are lining themselves up for a huge narrative shift which is not new to ant market, but is more prevalent in crypto markets based on the media backing as well as slow institutional adoption that is growing rapidly. IN my personal opinion I feel the institutions have been accumulating crypto for longer than they proclaim but have not bade it mainstream for reasons I don't have to get into and are self explanatory.
All fundamentals opinions aside, I am here for my technical perspectives and will discuss them in the paragraphs that follow.
we are currently experiencing a beautiful reversal attempt from BTC which without the relevant lines would make no sense, but analysis acts as a language which speaks through its lines created by phycological levels determined by a majority of peoples with like minded ideas on fluctuations of the market. The reason I say the asset is attempting a reversal is based on the fact that nothing I predict is for certain but have a +-70% success rate if all my indicators and confluences add up correctly.
1) MacD & RSI: although the macd is in the red at the moment doesn't mean it is bearish . the candles are seen to be reversing which will lead to a convergence sooner or later. However the RSi is acting as a further confluence for the mac, as it has seen to have retraced slightly off the oversold line as looks to climb higher.
2) Golden pocket: The golden pocket has proven to be one of my strongest confluences within my trading plan and should not be taken likely. The price at the moment is slightly below the GP but is being pinched into decision by the bullish trend lines seen as the white channel. The medium term direction of the market is currently waiting for decision as to where the price will go, will it break into the GP or will it break bearish out of the current bullish channel . This is a clear example of why I do not proclaim to say my perceptions are 100% certain as anything can play out in the next few hours. This is a very serious point in time to focus on as it plays a bigger role than one would think.
3) channels: It was discussed earlier that we are currently in a larger scale bearish trend . However all long term trends come to an end and a bullish channel has formed within the downward channel . Therefore decision will have to come soon as the bearish and bullish channel have formed a pennant which is slowly pinching the price into decision, as well as the GP which is situated in such a place that it is almost a perfect textbook depiction of a potential strong breakout. However there is a chance we will be denied entry into the golden pocket and fall to the support of the bearish channel , which is my worst short term case scenario.
one would complain when I do not give specific prices when typing my technicals. I'm not truing to say that specific numbers are not important but in my opinion numbers should remain on the chart unless targets and key support and resistance are being individually mentioned. Therefore i will display the current important lines to watch out for below.
Golden pocket: 34.2k - 35.7k
support: 32.7k - 30.6k - 27.7k (78% fib) - 21.3k
resistance: 41.3k - 47k
One thing to note is these levels mentioned are based on a larger time frame and should not be considered the only levels to watch out for, as smaller time frames will bring about more levels.
If you are reading up until this point you are truly passionate about what you do as you would take your time to equip yourself with someone elses perspective on the current asset. Keep it up and don't forget to like and follow for more in depth yet simple technical analysis .
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