Analysis:
bitcoin just finished a standard ABC correction pattern. It came down to test the 200 SMA it overcame a couple days ago and continued to rally upward.
As it came back to the initial chokepoint it broke down again. At this point the 55 EMA crossed over the 100 EMA and buyers stepped in. The bear flag was denied here.
Looking forward we have a few chokepoints bitcoin must move through from previous zones of support.
Where is this going next? Thats what you came here for? Well I would like to first point out that there are degrees of indicators in TA and patterns are amongst the weakest. We can see buyers stepping in after correction at the lowest price ranges and when higher degreed indicators take place, that being the 55 EMA crossing over the 100.
Moving Averages and Oscillators are the highest degreed tools in TA. Trend lines, Patterns, and Fibs are secondary.
Prediction:
Now BTC will consolidate around the 8.2k price range as this was previous resistance; resistance is over come and taken as support.
Bulls are establishing themselves back in the market and according to large crypto hedge funds, firms, and names in the space THE WORST IS OVER! The downside trend cryptocurrency and bitcoin was in since the beginning of the years is over.
1. Correct
2. Consolidate
3. Continue
bitcoin just finished a standard ABC correction pattern. It came down to test the 200 SMA it overcame a couple days ago and continued to rally upward.
As it came back to the initial chokepoint it broke down again. At this point the 55 EMA crossed over the 100 EMA and buyers stepped in. The bear flag was denied here.
Looking forward we have a few chokepoints bitcoin must move through from previous zones of support.
Where is this going next? Thats what you came here for? Well I would like to first point out that there are degrees of indicators in TA and patterns are amongst the weakest. We can see buyers stepping in after correction at the lowest price ranges and when higher degreed indicators take place, that being the 55 EMA crossing over the 100.
Moving Averages and Oscillators are the highest degreed tools in TA. Trend lines, Patterns, and Fibs are secondary.
Prediction:
Now BTC will consolidate around the 8.2k price range as this was previous resistance; resistance is over come and taken as support.
Bulls are establishing themselves back in the market and according to large crypto hedge funds, firms, and names in the space THE WORST IS OVER! The downside trend cryptocurrency and bitcoin was in since the beginning of the years is over.
1. Correct
2. Consolidate
3. Continue