BTC Macro Low - Good Signs but Cautious
Updated
- Hash Ribbons indicator has signaled a buy on the weekly timeframe, last time this happened was Jul - Aug of 2021. This move resulted in BTC moving from roughly 28k to ATH at around 68k. Now this indicator is flashing buy again on the weekly. Chances are high that the current move up will be a significant bounce.
- RSI on the weekly looks ready to climb (UPTREND)
-MACD weekly (UPTREND)
- The only issues that could possibly derail this move would be the debt ceiling battle coming up in the US. Along with a potential SPX crash or Dxy breakout. This could be catalysts for a major pullback/ crash so I would continue to stay careful while BTC is still under the major trendline. Nonetheless, I see BTC price moving up in the next 1-2 weeks.
- Check out my related idea that predicted this move up in November 2021.
TP1: 25k, could be a minor pullback due to bad news.
TP2: 28k
SL: 19k weekly close BTC cant break above the major trendline on the weekly, it would not look good.
Not Advice.
Please leave a like and follow if you like these updates.
- RSI on the weekly looks ready to climb (UPTREND)
-MACD weekly (UPTREND)
- The only issues that could possibly derail this move would be the debt ceiling battle coming up in the US. Along with a potential SPX crash or Dxy breakout. This could be catalysts for a major pullback/ crash so I would continue to stay careful while BTC is still under the major trendline. Nonetheless, I see BTC price moving up in the next 1-2 weeks.
- Check out my related idea that predicted this move up in November 2021.
TP1: 25k, could be a minor pullback due to bad news.
TP2: 28k
SL: 19k weekly close BTC cant break above the major trendline on the weekly, it would not look good.
Not Advice.
Please leave a like and follow if you like these updates.
Note
I believe pullback is coming to the low 20's
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