Bitcoin - 4 Reasons to be BULLISH
Updated
Hi Traders, Investors and Speculators📈📉
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
Let's break down the 4 Technical Reasons why I am bullish on Bitcoin for the NEAR TERM (not short term) :
1 ) Bitcoin has been trading in a trend under the 50 day Moving Averages for 248 days. This indicates that the market is due for a correction towards the upside - back above the 50 MA. Now this does not necessarily mean that it will immediately turn bullish, but it is a good 25% increase that is relatively low risk to reward ratio.
2 ) The Candlesticks on the chart has been making higher lows, this is always a bullish sign especially in higher timeframes.
3 ) The Phoenix Ascending Technical Indicator together with Fibonacci Bollinger Bands is showing signs of a possible increase to
29K from a one week perspective:
4 ) If we take a look at the TOTAL chart / total cryptocurrency market cap , what we can see the potential for an Inverse Head and Shoulders Pattern to form. This means that for the short term, there is still possibility of multiple drops but we are trading close towards the end of the bearish cycle :
__________________________
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Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
Let's break down the 4 Technical Reasons why I am bullish on Bitcoin for the NEAR TERM (not short term) :
1 ) Bitcoin has been trading in a trend under the 50 day Moving Averages for 248 days. This indicates that the market is due for a correction towards the upside - back above the 50 MA. Now this does not necessarily mean that it will immediately turn bullish, but it is a good 25% increase that is relatively low risk to reward ratio.
2 ) The Candlesticks on the chart has been making higher lows, this is always a bullish sign especially in higher timeframes.
3 ) The Phoenix Ascending Technical Indicator together with Fibonacci Bollinger Bands is showing signs of a possible increase to
29K from a one week perspective:4 ) If we take a look at the TOTAL chart / total cryptocurrency market cap , what we can see the potential for an Inverse Head and Shoulders Pattern to form. This means that for the short term, there is still possibility of multiple drops but we are trading close towards the end of the bearish cycle :
__________________________
👀Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 📉
Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
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