Bitcoin - Short Term Bullish Sign in this Bearish Market.
In this Chart, I was able to draw a inverse head & shoulder's, bull wedge and cup & handle pattern. The handle of the cup and handle pattern still needs to form, but you see what I'm trying to say. If we bounce here or fill out the right shoulder and get to the neck line, we will easily have a short term bounce to close to 11000. Keep in mind, this is the 4 hour chart. This is screaming out BULLS. Again, only short term. The macd just confirmed a bullish signal so expect a slight right.
The one day chart still shows me that we are still headed in a downward channel bounce inbetween the top and bottom of the channel. Without breaking the top or bottom, we will continue to trading inbetween here. The Price range for trading in-between the channel will be 11400 - 5700. Just because we hit the top of the channel around 11400, doesn't mean it's a bull market long term, we need to develop more support around 10500 and continue to sustain this support until we make our way to 12k and break.
The weekly chart shows the same as we trade in the downward channel.
Overall Summary, we could see a real short term bull run, but overall we are just trading in the downward channel hitting the top and bottom of the channel without actually breaking resistance or support. Bears are still in control, expect us to go below 9k and possibly revisit 6k in a few weeks. As long as the charts don't change and we keep this momentum up, we are not headed up. Summary Video, link here. https://www.youtube.com/watch?v=gsdxJQtC02E&t=5s
The one day chart still shows me that we are still headed in a downward channel bounce inbetween the top and bottom of the channel. Without breaking the top or bottom, we will continue to trading inbetween here. The Price range for trading in-between the channel will be 11400 - 5700. Just because we hit the top of the channel around 11400, doesn't mean it's a bull market long term, we need to develop more support around 10500 and continue to sustain this support until we make our way to 12k and break.
The weekly chart shows the same as we trade in the downward channel.
Overall Summary, we could see a real short term bull run, but overall we are just trading in the downward channel hitting the top and bottom of the channel without actually breaking resistance or support. Bears are still in control, expect us to go below 9k and possibly revisit 6k in a few weeks. As long as the charts don't change and we keep this momentum up, we are not headed up. Summary Video, link here. https://www.youtube.com/watch?v=gsdxJQtC02E&t=5s
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