XBTUSD

BTCUSD broke the bear trend, hats off to the bulls as I got stopped out, this is why risk management is so key in crypto, you win some you loose some. This would normally in the past signify we have bottomed however the amount of sell orders at 46 and 49 are a lot. We have recaptured our previous local trend line and are now wedging between the resistance and the local trend line. The more we can test the resistance the more likely we will be able to push through it given the buying momentum continues. Because of this wedge and the state of the world I am currently neutral. Normally finally being above the cloud on the daily and closing repeatedly above the cloud one would assume we are bullish however never discount the amount of sell pressure in this resistance zone. Looking at it from a time perspective one can conclude by March 13th we will know where all this is heading. This is not normal however it could be a good sign that we are not heading into a dark winter again.

Key take away
-Daily closes above the cloud Bullish
-Broke Bear Trend Bullish
-20 EMA/50EMA Bullish divergence Bullish
-Testing resistance Bullish
-Heavy resistance from 46k-49k Bearish
-200 EMA looming at 49k Bearish
-20EMA above 50 EMA but below 200EMA -Nuetral

"At this time ladies and gentleman, I need to go the bathroom to throw up"
-KewlKat