Do you really want me to tell you about abc retracements and indicators and yada yada and chart those out? (pretending it means much) or do you want me to give you a simple linear progression analysis and demonstrate the obvious, just look at the chart.
Detail:
The reason it's a Long position with very little downside is because there are too many alignments going on here. Basic trend analysis shows the bottom of BTC is still in play. Looking at a more micro we see strong upward buying support (indicating selling pressure has cooled off and buying positions have been sustained.)
Read the chart like a book, when buying pressure starts slow then ascends and sustains itself it is indicative that there is a clear demand increase and/or supply decrease, over a sustained time this shows that trends have changed and the market now sees more potential upside than downside (this is confirmed with a broader look on the weekly chart, supported by a yearly trend support that has sustained itself). Usually, this starts with trend analysis by day traders, picked up later by swing traders and sustained by smart money long-term investors.
As trends sustain upwards for a longer period this shows this is not just a reversal of the market but a new cycle when paired with trend analysis that confirms the analysis of a broader reversal.
This is all but indicative, no one can tell you for a fact any coin or stock will go up or down. We are not gods and its impossible to say anything with certainty. All we can say is all systems are green and that the probability clearly shows a favorable upside trade in the long term.
P.S: there is obviously way more going on here, the above would only be a surface-level analysis but it would be impossible for me to outline every indicative measurement pointing to a market reversal as that would just be too long. If anything look for disconfirming evidence and you will find very little, this is because almost everything points to a strong market reversal and new bull market (only for crypto and perhaps exclusive to btc this time).
Detail:
The reason it's a Long position with very little downside is because there are too many alignments going on here. Basic trend analysis shows the bottom of BTC is still in play. Looking at a more micro we see strong upward buying support (indicating selling pressure has cooled off and buying positions have been sustained.)
Read the chart like a book, when buying pressure starts slow then ascends and sustains itself it is indicative that there is a clear demand increase and/or supply decrease, over a sustained time this shows that trends have changed and the market now sees more potential upside than downside (this is confirmed with a broader look on the weekly chart, supported by a yearly trend support that has sustained itself). Usually, this starts with trend analysis by day traders, picked up later by swing traders and sustained by smart money long-term investors.
As trends sustain upwards for a longer period this shows this is not just a reversal of the market but a new cycle when paired with trend analysis that confirms the analysis of a broader reversal.
This is all but indicative, no one can tell you for a fact any coin or stock will go up or down. We are not gods and its impossible to say anything with certainty. All we can say is all systems are green and that the probability clearly shows a favorable upside trade in the long term.
P.S: there is obviously way more going on here, the above would only be a surface-level analysis but it would be impossible for me to outline every indicative measurement pointing to a market reversal as that would just be too long. If anything look for disconfirming evidence and you will find very little, this is because almost everything points to a strong market reversal and new bull market (only for crypto and perhaps exclusive to btc this time).