Boosted trough the Bollinger bands midline
Just now the first time since the top the Bollinger bands on the 4h and the 1h chart showed a bullish signal. On the 4h chart the midline was crossed with a strong candle pushing price upwards to switch to show signs of trend reversal. Right now shorts should exit their trades if they trade the 4h candles.
On the 1h chart the upper Bollinger band got crossed by a closing price above followed by a continuation into the upside indicating the beginning expansion to the upside leading a potential new cycle of reinforcing rising prices.
This observation fits good in the schedule shown by the last years. Around Christmas only weak trading activity appeared with a break to the up or downside on the 26th or 27th. Since we went down and the shorts are taking profits, odds lean toward going up for a quick recovery rally.
In the bigger picture I assume a consolidation phase with no major breaks of the current all time high for the upcoming months, but with a steady slow growth. This would allow institutions to continue lending out money to BTC bulls and earn risk free on record breaking interest rates of over 1% per day or 2500% annually on margin lending markets. The longer this situation is in place, the more money can be made by wall street. The least the price climb up, the less people are prone to cash out as long as their balance sheets do not show signs of paper losses due to interests payed on their margin loans. This should give us a nice steady channel with a upwards slope for months to come. In terms of the Elliot wave theory this might make up a typical sideways wave 4 correction after a wave 2 correction that lead down to the bottom of wave 1.
On the 1h chart the upper Bollinger band got crossed by a closing price above followed by a continuation into the upside indicating the beginning expansion to the upside leading a potential new cycle of reinforcing rising prices.
This observation fits good in the schedule shown by the last years. Around Christmas only weak trading activity appeared with a break to the up or downside on the 26th or 27th. Since we went down and the shorts are taking profits, odds lean toward going up for a quick recovery rally.
In the bigger picture I assume a consolidation phase with no major breaks of the current all time high for the upcoming months, but with a steady slow growth. This would allow institutions to continue lending out money to BTC bulls and earn risk free on record breaking interest rates of over 1% per day or 2500% annually on margin lending markets. The longer this situation is in place, the more money can be made by wall street. The least the price climb up, the less people are prone to cash out as long as their balance sheets do not show signs of paper losses due to interests payed on their margin loans. This should give us a nice steady channel with a upwards slope for months to come. In terms of the Elliot wave theory this might make up a typical sideways wave 4 correction after a wave 2 correction that lead down to the bottom of wave 1.
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