BitcoinLong
Bitcoin Longs are accumulating
It looks like bitcoin is in its phase of trading below 10k and is now flirting with the 9500s.
I'd like to mention that in my opinion there is a high probability of reversal to the upside here.
There are many support ranges here.
See triangles and Fibonacci retracements. 0.786 @ 9675
We have bounced from this range several times previously, as shown and this has in the past been an area where bigger market movers have been accumulating longs. Not saying this has to repeat, but it has been like this for a while now..
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We may also be in some sort of symmetrical triangle within a huge descending channel starting from 14k or a rough descending triangle as probably heard over and over again.
We have now double bottomed at local support at ~9600
RSI is oversold on many timeframes
It would make sense for this to travel at least to 10000 and rest some of the fib ranges in the low 10000s, even if it doesn't break out of the larger pattern.
We could just end up forming another lower high above 10000
I'd like to mention that in my opinion there is a high probability of reversal to the upside here.
There are many support ranges here.
See triangles and Fibonacci retracements. 0.786 @ 9675
We have bounced from this range several times previously, as shown and this has in the past been an area where bigger market movers have been accumulating longs. Not saying this has to repeat, but it has been like this for a while now..
------
We may also be in some sort of symmetrical triangle within a huge descending channel starting from 14k or a rough descending triangle as probably heard over and over again.
We have now double bottomed at local support at ~9600
RSI is oversold on many timeframes
It would make sense for this to travel at least to 10000 and rest some of the fib ranges in the low 10000s, even if it doesn't break out of the larger pattern.
We could just end up forming another lower high above 10000
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