Bitcoin Bullish Engulfing + Recovery
After a clear bullish engulfing forming in the January weekend of 22nd, 23rd with continuation there after, there are several factors to be considered:
1. Possible solid bottom has been formed at ~35,000
2. Bitcoin has broken the major resistance at ~41,500 with a lot more ease than expected, dictating a more easy uptrend towards ~44,000
After breaking the ~41,500 resistance, Bitcoin now has to form a new support which is not yet forming nor beginning. This is to be expected in the upcoming weeks.
The highlight, Bitcoin has just broken the down trend which started back in November 2021. If it continues on this path, we could see an easy continuation to ~50,000 as bullish sentiment is rebuilding.
The key conclusion to be taken is that Bitcoin has not yet formed a new support line as its base for this uptrend.
1. Possible solid bottom has been formed at ~35,000
2. Bitcoin has broken the major resistance at ~41,500 with a lot more ease than expected, dictating a more easy uptrend towards ~44,000
After breaking the ~41,500 resistance, Bitcoin now has to form a new support which is not yet forming nor beginning. This is to be expected in the upcoming weeks.
The highlight, Bitcoin has just broken the down trend which started back in November 2021. If it continues on this path, we could see an easy continuation to ~50,000 as bullish sentiment is rebuilding.
The key conclusion to be taken is that Bitcoin has not yet formed a new support line as its base for this uptrend.
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