Hello everyone! Keeping up my Bitcoin research.
It's been a couple of days since the last update and what do we see now?
Nothing has changed globally - we are in a bear market.
But I think that at the moment the price is forming something potentially interesting for those of you who like bitcoin and crypto.
We have the fact that the resistance is slowly becoming support and we are close to 50EMA (which I use as an additional sign/confirmation).
And on top of that, we have a clear Falling Wedge (I prefer to call it just a flag, because potentially these technical patterns have to work in the same direction).
Now, I think that if we have volume on the breakout of the flag and a holding above 50EMA, that's a sign that we are becoming Bullish.
Summary:
What will win in the end: the Global Bearish Trend or the Bullish Signals - no one can know.
The point of my post is that we should remember that even bear markets have an end, and for people who are managing their risk, these entry points are the best way to build a position with a good average price.
It's been a couple of days since the last update and what do we see now?
Nothing has changed globally - we are in a bear market.
But I think that at the moment the price is forming something potentially interesting for those of you who like bitcoin and crypto.
We have the fact that the resistance is slowly becoming support and we are close to 50EMA (which I use as an additional sign/confirmation).
And on top of that, we have a clear Falling Wedge (I prefer to call it just a flag, because potentially these technical patterns have to work in the same direction).
Now, I think that if we have volume on the breakout of the flag and a holding above 50EMA, that's a sign that we are becoming Bullish.
Summary:
What will win in the end: the Global Bearish Trend or the Bullish Signals - no one can know.
The point of my post is that we should remember that even bear markets have an end, and for people who are managing their risk, these entry points are the best way to build a position with a good average price.