BTCUSD is starting to look bullish
Updated
Hi guys,
Thanks for checking out this short analysis!
As crazy as it may sound BTCUSD is beginning to look bullish imo.
It is not yet confirmed, but there are certain tell tell signs forming in the chart.
Slow stochastic is turning up on both the daily and the confirmation chart.
Daily candle is going to close in less than 12 hours.
If the high of today’s candle, 43835,09$ Is broken then we are going to see some upward action. However, there is a cluster of dynamic resistance Formed by the moving averages on the daily chart. This doesn’t mean that those resistance levels can’t be broken. With enough bullish momentum price action could slice through the resistance like a hot knife through butter. I really like how MFI is moving upwards on both chars.
Please share your thoughts.
Have a great day and happy trades!
Thanks for checking out this short analysis!
As crazy as it may sound BTCUSD is beginning to look bullish imo.
It is not yet confirmed, but there are certain tell tell signs forming in the chart.
Slow stochastic is turning up on both the daily and the confirmation chart.
Daily candle is going to close in less than 12 hours.
If the high of today’s candle, 43835,09$ Is broken then we are going to see some upward action. However, there is a cluster of dynamic resistance Formed by the moving averages on the daily chart. This doesn’t mean that those resistance levels can’t be broken. With enough bullish momentum price action could slice through the resistance like a hot knife through butter. I really like how MFI is moving upwards on both chars.
Please share your thoughts.
Have a great day and happy trades!
Note
What I forgot to mention is that historically the month of September has mostly been rather volatile in stocks as well as in crypto. Bullish traders and investors being shaken out of the markets. Weak hands selling only to watch the price reverse and go higher. It is my strong believe that crypto can retake its previous highs and go a lot higher. This is not a financial advice. Also fear and greed index is at 20 indicating extreme fear. We all know the saying by Warren Buffet that states,
Buy when everyone is fearful sell when everyone gets greedy.
Well, the market is going to show its hand rather sooner than later.
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