One month later, Bitcoin teases hope.
The leader of the crypto market has finally made multiple key advancements indicating, at the very least, we may be in for a relief rally. But before anyone gets ahead of themselves, it should be known that the way above is riddled with landmines. Play wisely, friends.
For the bulls:
• We have finally flipped multiple bearish moving averages (entire EMA ribbon, lower Ichimoku resistance)
• We have broken out of the greater bear pennant and are currently confirming a bullish breakout
• Consistent and predictable higher lows off of the 30k zone continue to support the idea that the area is a strong defensive zone for the bulls
For the bears:
• Many signs that the entire range between 40k-50k is the "real fight" for the bulls to conquer, and it's a pretty tricky one.
• We have repeatedly fought to secure the lower 40k's and failed.
• 200 EMA (4h), upper Ichimoku resistance (4h), the entire EMA ribbon (daily), and both Ichimoku resistances (daily) - all of these line up with the 40k-50k zone.
• From a simple trading standpoint, it makes sense. Traders who have been waiting for a larger play for weeks will see the 40k's as a fairly safe setup to secure profits and/or short - meanwhile many people will resist establishing fresh longs until the zone is secured.
For the bulls:
• We have finally flipped multiple bearish moving averages (entire EMA ribbon, lower Ichimoku resistance)
• We have broken out of the greater bear pennant and are currently confirming a bullish breakout
• Consistent and predictable higher lows off of the 30k zone continue to support the idea that the area is a strong defensive zone for the bulls
For the bears:
• Many signs that the entire range between 40k-50k is the "real fight" for the bulls to conquer, and it's a pretty tricky one.
• We have repeatedly fought to secure the lower 40k's and failed.
• 200 EMA (4h), upper Ichimoku resistance (4h), the entire EMA ribbon (daily), and both Ichimoku resistances (daily) - all of these line up with the 40k-50k zone.
• From a simple trading standpoint, it makes sense. Traders who have been waiting for a larger play for weeks will see the 40k's as a fairly safe setup to secure profits and/or short - meanwhile many people will resist establishing fresh longs until the zone is secured.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.