I have posted this chart before so this is an UPDATE
As we can see, PA has come down and now bumped into the rising line of long term support and at the expected % of drop ( -24 )
Does this mean that PA will bounce ?
NO but it does have a higher chance of doing so as the lower Timef rames are now oversold.
The weekly MACD is still falling Bearish and has a few more weeks to go before reaching Neutral.
https://www.tradingview.com/x/EUgOpYny/
The Lower Oversold time frames should give PA the energy to rise off this trend line and aim towards Range high
However, as we saw in 2023, PA can drop below and so we need to remain cautious and watch PA closely.
Tomorrow , March 12, we have the USA inflation data being released and this will most likely act as a catalyst to a move in either direction, depending on the data
So, Hang on , Be optimistic while being cautious.. Bitcoin is at a turning point....We are just notto sure in which direction.
As we can see, PA has come down and now bumped into the rising line of long term support and at the expected % of drop ( -24 )
Does this mean that PA will bounce ?
NO but it does have a higher chance of doing so as the lower Timef rames are now oversold.
The weekly MACD is still falling Bearish and has a few more weeks to go before reaching Neutral.
https://www.tradingview.com/x/EUgOpYny/
The Lower Oversold time frames should give PA the energy to rise off this trend line and aim towards Range high
However, as we saw in 2023, PA can drop below and so we need to remain cautious and watch PA closely.
Tomorrow , March 12, we have the USA inflation data being released and this will most likely act as a catalyst to a move in either direction, depending on the data
So, Hang on , Be optimistic while being cautious.. Bitcoin is at a turning point....We are just notto sure in which direction.
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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.
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.