BTCUSD Says Time to Say Goodbye to Bears
Hello all. For the last 2 days and today we are seeing clearly that bears are about to give up the control and bulls said enough is enough, time to take over the control.
Look at the nicely forming inverse H&S at the bottom. Very nice for bulls.
Also look at the 3 green arrows;
1) We have dived under the mega trendline but failed to remain there, which is extremely bullish, and yesterday we have returned to the main ascending trend with some volume. Then tested below the trendline again and today returned with a strong candle inside the trend. That clearly says the market does not want to leave its main trend.
2) Look at the MACD. It has already turned bullish, but more importantly it is ABOUT TO MAKE A BIG DECISION. For months it was following its triangle borders, up and down, and since it has tried to penetrate its support for at least 2 times and failed, I believe it is now time to penetrate its resistance and try to go up.
3) Look at the RSI, how nicely it has penetrated its resistance, returned inside, and once again penetrated possibly for good.
Stoch also turned upside, says RSI will keep pushing higher.
In conclusion, I am showing what I'm expecting as a possible path for BTC from now on with these bright green arrows. It might test its lower support once more, might test the main trendline once or twice along the way but eventually it will test FIB 50 first, and possibly got some sell pressure there, only to return to the maintrendline (at most) and jump back to high 10Ks or so.
Note: Daily graph also says bearish momentum is CLEARLY vanishing. Though it did not give a buy signal yet. However once we break the descending wedge I believe bullish volume will increase, and within a couple of days daily graph will turn into bullish aspect. Also take a look at the weekly graph, after 3 consecutive red weekly candles for the first time we have a solid chance to finish a week in green. Only 2 days left and 4H says we keep pushing higher, so I believe weekly candle will be completed in green.
Look at the nicely forming inverse H&S at the bottom. Very nice for bulls.
Also look at the 3 green arrows;
1) We have dived under the mega trendline but failed to remain there, which is extremely bullish, and yesterday we have returned to the main ascending trend with some volume. Then tested below the trendline again and today returned with a strong candle inside the trend. That clearly says the market does not want to leave its main trend.
2) Look at the MACD. It has already turned bullish, but more importantly it is ABOUT TO MAKE A BIG DECISION. For months it was following its triangle borders, up and down, and since it has tried to penetrate its support for at least 2 times and failed, I believe it is now time to penetrate its resistance and try to go up.
3) Look at the RSI, how nicely it has penetrated its resistance, returned inside, and once again penetrated possibly for good.
Stoch also turned upside, says RSI will keep pushing higher.
In conclusion, I am showing what I'm expecting as a possible path for BTC from now on with these bright green arrows. It might test its lower support once more, might test the main trendline once or twice along the way but eventually it will test FIB 50 first, and possibly got some sell pressure there, only to return to the maintrendline (at most) and jump back to high 10Ks or so.
Note: Daily graph also says bearish momentum is CLEARLY vanishing. Though it did not give a buy signal yet. However once we break the descending wedge I believe bullish volume will increase, and within a couple of days daily graph will turn into bullish aspect. Also take a look at the weekly graph, after 3 consecutive red weekly candles for the first time we have a solid chance to finish a week in green. Only 2 days left and 4H says we keep pushing higher, so I believe weekly candle will be completed in green.
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