BTC - Another Positive view & Why BTC will be going UP!
If you look at the SMIO, this bear market has a remarkable pattern wich played out twice now.
Expecting a third playout
Why?
-This feels really like the end of march/begin of april kinda period when shorts were getting rekt, wich will happen anytime soon. Shorts are really overbought with clear bear indicators.
- The pattern looks really bullish to me --> SMIIO making higher lows while the price makes lower lows --> Bull divergence
- If you look closer you can make an falling wedge pattern wich makes the odds of the bulls in a slightly better position
- If you look at the RSI, wich isn't projected here, BTC clearly is on the edge of the oversold area
- On the smaller timeframes BTC has many Bull divergences
- Alts are basically beaten like hell
And most importantly: If you look at the sentiment,people are having, it's pretty negative
When I look around at other charts I see 3K incoming! On Reddit/ Telegram groups it's all the same. Investors are pretty desperate en it looks like they lost hope
Wich gives me the feeling the market is ready for a different direction
NOTE: If this support doesn't hold, It has a good change this pattern will playout around 6200
Expecting a third playout
Why?
-This feels really like the end of march/begin of april kinda period when shorts were getting rekt, wich will happen anytime soon. Shorts are really overbought with clear bear indicators.
- The pattern looks really bullish to me --> SMIIO making higher lows while the price makes lower lows --> Bull divergence
- If you look closer you can make an falling wedge pattern wich makes the odds of the bulls in a slightly better position
- If you look at the RSI, wich isn't projected here, BTC clearly is on the edge of the oversold area
- On the smaller timeframes BTC has many Bull divergences
- Alts are basically beaten like hell
And most importantly: If you look at the sentiment,people are having, it's pretty negative
When I look around at other charts I see 3K incoming! On Reddit/ Telegram groups it's all the same. Investors are pretty desperate en it looks like they lost hope
Wich gives me the feeling the market is ready for a different direction
NOTE: If this support doesn't hold, It has a good change this pattern will playout around 6200
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