Hi everyone,
In the last few days, the cryptocurrency market has been red after hitting the last resistance of the wedge we are in on BTCUSDT, which I mentioned that this would happen in my last post.
After hitting the support that we are still in right now, the price has been consolidating forming Dojis candles. What we are sure of is that we are preparing for a huge move, especially since we are approaching some major events and news that are going to affect the whole market.
What we want to know is whether, are we bullish or bearish. To find out, we need to look at the chart, especially BTCUSDT since it is the big Grandpa of all the coins. First, looking a the H12 timeframe, we can see that we are in a wedge and we are in the narrower part of it.
Second, looking at the daily, I am still bullish. I even think that we are going to reach the 30k level this month or the next month since the price has been building a good structure. Buy-side liquidity is also being constantly taken.
Another reason why it is bullish is that on the daily also, the 20 crossed the 50 ema to the upside while the price is retesting them at the same time. I usually call this pattern the "Smooth Cross" and it is a strong bullish factor.
Third, looking at the higher timeframe, the weekly precisely, we observe that price has just recently rejected the 200 EMA, which is a bearish signal.
Therefore, are we bullish or bearish? looking a the factors above, I lean towards being bullish until we reach the 30k level, as sometimes rejecting the 200 EMA can sometimes be tricky, and we have a really good structure on the lower timeframe.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
In the last few days, the cryptocurrency market has been red after hitting the last resistance of the wedge we are in on BTCUSDT, which I mentioned that this would happen in my last post.
After hitting the support that we are still in right now, the price has been consolidating forming Dojis candles. What we are sure of is that we are preparing for a huge move, especially since we are approaching some major events and news that are going to affect the whole market.
What we want to know is whether, are we bullish or bearish. To find out, we need to look at the chart, especially BTCUSDT since it is the big Grandpa of all the coins. First, looking a the H12 timeframe, we can see that we are in a wedge and we are in the narrower part of it.
Second, looking at the daily, I am still bullish. I even think that we are going to reach the 30k level this month or the next month since the price has been building a good structure. Buy-side liquidity is also being constantly taken.
Another reason why it is bullish is that on the daily also, the 20 crossed the 50 ema to the upside while the price is retesting them at the same time. I usually call this pattern the "Smooth Cross" and it is a strong bullish factor.
Third, looking at the higher timeframe, the weekly precisely, we observe that price has just recently rejected the 200 EMA, which is a bearish signal.
Therefore, are we bullish or bearish? looking a the factors above, I lean towards being bullish until we reach the 30k level, as sometimes rejecting the 200 EMA can sometimes be tricky, and we have a really good structure on the lower timeframe.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
