Hi Traders, since my first analysis of Bitcoin price surged about 500$ to the upside with a breakout of the symmetrical triangle formation.
This will lead us to the following question: Will the low be in place and a new bullrun stands briefly before?
I will try to answer this question in a way that every one of you understand it with no complexity.
First we must admit that there is a breakout to the upside and price is making higher lows since the major low was established on the 17th January. On the smaller timeframe this looks not so bad for the bulls but we have to consider the bigger picture to see things clear in a broader perspective.
I want to point out that I changed the EMA from the 50 periods to 100 periods to look for potencial resistance on the upside.
I want you to look at the two last major breakouts to the downside, the first one while price breaks support and EMA 100, this occures with a strong increasing volume.
The second breakout with the break of the bear flag goes along with increasing volume too. To confirm a breakout there must be power behind, this breakout looks not like a big one.
A symmetrical triangle does often makes fake moves - fake breakouts and then changes direction abrupt.
The EPA ( Estimated Price at Arrival) is on the 30th of January, so we will get a decision in the next two days, will the bulls come back or will this play out one more time to the downside?
In my opinion there will be a third downwave bevor price is ready to make new highs, this will possibly converge with the upcoming lightning network.
**This analysis is no investment recommendation. Do your research on your own!**
This will lead us to the following question: Will the low be in place and a new bullrun stands briefly before?
I will try to answer this question in a way that every one of you understand it with no complexity.
First we must admit that there is a breakout to the upside and price is making higher lows since the major low was established on the 17th January. On the smaller timeframe this looks not so bad for the bulls but we have to consider the bigger picture to see things clear in a broader perspective.
I want to point out that I changed the EMA from the 50 periods to 100 periods to look for potencial resistance on the upside.
I want you to look at the two last major breakouts to the downside, the first one while price breaks support and EMA 100, this occures with a strong increasing volume.
The second breakout with the break of the bear flag goes along with increasing volume too. To confirm a breakout there must be power behind, this breakout looks not like a big one.
A symmetrical triangle does often makes fake moves - fake breakouts and then changes direction abrupt.
The EPA ( Estimated Price at Arrival) is on the 30th of January, so we will get a decision in the next two days, will the bulls come back or will this play out one more time to the downside?
In my opinion there will be a third downwave bevor price is ready to make new highs, this will possibly converge with the upcoming lightning network.
**This analysis is no investment recommendation. Do your research on your own!**
