BTCUSD TREND REVERSAL - WEEKLY MORNING STAR IN THE PRINTS
Dear all, the last time we printed a weekly morning star, BTC was in the 4K range last year after a selloff from 5K to 3K:
When this was printed on the daily, we also saw a huge momentum swing to the upside after the selloff:
Since then, we have never seen 4K again - price went up by about 350% to 20K before BTC sold off to 6K.
A morning star is a bullish signal signalling the end of a downtrend:
investopedia.com/terms/m/morningstar.asp
We are in the midst of printing another one - and how this plays out is highly dependent on how we close off this weekly candle.
We have about 3 days to go.
In conjunction with this, we have rebounded strongly with volume from the 76.4% fib level from the swing of 2K to 20K.
Stochastic RSI is also crossing up. Each time it did, we have had strong rallies.
I have no potential price targets for this setup, as what is currently seen is a gradual sentiment change of price discovery.
Once these signals confirm and close for the week, we can anticipate another huge run up aiming for new highs.
The trend is your friend.
Cheers.
When this was printed on the daily, we also saw a huge momentum swing to the upside after the selloff:
Since then, we have never seen 4K again - price went up by about 350% to 20K before BTC sold off to 6K.
A morning star is a bullish signal signalling the end of a downtrend:
investopedia.com/terms/m/morningstar.asp
We are in the midst of printing another one - and how this plays out is highly dependent on how we close off this weekly candle.
We have about 3 days to go.
In conjunction with this, we have rebounded strongly with volume from the 76.4% fib level from the swing of 2K to 20K.
Stochastic RSI is also crossing up. Each time it did, we have had strong rallies.
I have no potential price targets for this setup, as what is currently seen is a gradual sentiment change of price discovery.
Once these signals confirm and close for the week, we can anticipate another huge run up aiming for new highs.
The trend is your friend.
Cheers.
Note
Weekly candle closing soon. IMO we had a healthy retracement/bear trap in that move towards 10k from 11k. Let's watch how we close.
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