BTC Looking Bullish. But is it too early to celebrate?
BTC has broken out of a clear downtrend, and broken the Market Structure on a Weekly Time Frame.
However it's not all roses and sunshine as we're still below the 21 W EMA and the 20W SMA which is more popularly referred to as the Bull Market Support Band.
The confluences used in this idea are:
1) Clean Inverse Head and Shoulders Target Hit ~42K
2) W pattern/Double Bottom potentially with a target of ~52K
3) Market structure of Higher HIghs and Higher Lows on the 4H Time Frame
Apart from the fact that we're still below the bull market support band, we could also potentially be seeing a SFP. Which would take us back down to the ~41.5K level to retest the previous support.
However it's not all roses and sunshine as we're still below the 21 W EMA and the 20W SMA which is more popularly referred to as the Bull Market Support Band.
The confluences used in this idea are:
1) Clean Inverse Head and Shoulders Target Hit ~42K
2) W pattern/Double Bottom potentially with a target of ~52K
3) Market structure of Higher HIghs and Higher Lows on the 4H Time Frame
Apart from the fact that we're still below the bull market support band, we could also potentially be seeing a SFP. Which would take us back down to the ~41.5K level to retest the previous support.
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