Is Bitcoin ready for a bullrun?
Hi guys!
As many of you know, fear is everywhere right now. People are scared. Which begs the question, is it time to buy? Let's see what we have on the chart.
One of the bullish signs is that Bitcoin made a triple bottom. This shows that the market wasn't able to push the price lower. What's also interesting to recognize is that before BTC pushed higher, there was a long wick that penetrated the support level going below the previous lows. After that 3 bullish candle in a row followed the price movement. Was this is liquidity hunting? ;)
After those those 3 bullish candles, the price made its first higher low and its first higher high. Besides that, the price made a triple bottom like I said, but the RSI made higher lows. So there's also a bullish divergence.
Now, let's look at the EMA Ribbon (all those Moving Averages on the chart), the price is getting closer and closer to the dark EMA at the top of the ribbon. If Bitcoin breaks that, that would be a very good sign.
If we look at the rectangle in the EMA ribbon, we can see that after that big bullish candle we had a red candle. But here comes the interesting part. You can see that the red candles after that were getting smaller and smaller. This is a sign of deceleration. This means that seller aren't that interested anymore.
What's also bullish to see, is that right now, a green candle is following. Meaning that buyers are getting interested. If this candle closes near the high that it's making right now then we have an extra confirmation that the price is decelerating.
As many of you know, fear is everywhere right now. People are scared. Which begs the question, is it time to buy? Let's see what we have on the chart.
One of the bullish signs is that Bitcoin made a triple bottom. This shows that the market wasn't able to push the price lower. What's also interesting to recognize is that before BTC pushed higher, there was a long wick that penetrated the support level going below the previous lows. After that 3 bullish candle in a row followed the price movement. Was this is liquidity hunting? ;)
After those those 3 bullish candles, the price made its first higher low and its first higher high. Besides that, the price made a triple bottom like I said, but the RSI made higher lows. So there's also a bullish divergence.
Now, let's look at the EMA Ribbon (all those Moving Averages on the chart), the price is getting closer and closer to the dark EMA at the top of the ribbon. If Bitcoin breaks that, that would be a very good sign.
If we look at the rectangle in the EMA ribbon, we can see that after that big bullish candle we had a red candle. But here comes the interesting part. You can see that the red candles after that were getting smaller and smaller. This is a sign of deceleration. This means that seller aren't that interested anymore.
What's also bullish to see, is that right now, a green candle is following. Meaning that buyers are getting interested. If this candle closes near the high that it's making right now then we have an extra confirmation that the price is decelerating.
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