Bitcoin update- Is the bottom in yet?
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Hello out there!
As I mentioned one year ago (tradingview.com/chart/BTCUSD/g6ivFiQE-Bitcoin-Is-the-bottom-in-yet/) based on pure price action, the move of Dec.18'down to ~ 3,2k was not a clear weekly reversal candle to me after the drop from 6k.
Looking at the structure today, the weekly candle looks pretty nasty BUT with high buying pressure at the end. A capitulation with huge volume and a huge wick back above the weekly MA200. Regarding just price action this is a clear sign of reversal.
We have to wait for the weekly candle to close and stay above the 200 WMA for (slowly) jumping into the market at this point. Environmental uncertainty combined with the Corona- hysteria can lead to non-predictable situations, so better be cautious! But from technicals and pure price action, which I prefer to keep it as simple and accurate as possible, this is a strong buttoming candle. These normally create lower lows which in this case didn't happen (stayed above 3,2k). A very bullish sign to me!
Keep in mind that this is NOT A FINANCIAL ADVICE, just my own thoughts about the market!
As I mentioned one year ago (tradingview.com/chart/BTCUSD/g6ivFiQE-Bitcoin-Is-the-bottom-in-yet/) based on pure price action, the move of Dec.18'down to ~ 3,2k was not a clear weekly reversal candle to me after the drop from 6k.
Looking at the structure today, the weekly candle looks pretty nasty BUT with high buying pressure at the end. A capitulation with huge volume and a huge wick back above the weekly MA200. Regarding just price action this is a clear sign of reversal.
We have to wait for the weekly candle to close and stay above the 200 WMA for (slowly) jumping into the market at this point. Environmental uncertainty combined with the Corona- hysteria can lead to non-predictable situations, so better be cautious! But from technicals and pure price action, which I prefer to keep it as simple and accurate as possible, this is a strong buttoming candle. These normally create lower lows which in this case didn't happen (stayed above 3,2k). A very bullish sign to me!
Keep in mind that this is NOT A FINANCIAL ADVICE, just my own thoughts about the market!
Note
Volume is mostly a good indicator of reversals. Looking at the volume on Coinbase:
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