I missed this BTC pump because today in my country is still holiday so I was out with my friends however I think that if BTC closes over 32K the long term bearish structure is over. That blue trendline is the major trajectory on which BTC was moving before breaking it down last June, the fact it will close over that one it's already bullish.
Here the weekly which shows the major trend which could be regained:
I hope I'm wrong because housing market hasn't crashed yet and I was bearish up until few weeks ago. I was expecting 12K so I might have missed the bottom.
I also used TMA, an indicator I haven't used in a while since I'm not using much indicators anymore. I've checked some previous ascending trends, BTC seems to repeat this pattern: break the upper TMA line (green), re-enter the TMA bands, consolidating, breakdown the middle TMA, go back up to almost touch the upper TMA and then dump to the lower TMA (red one).
If this pattern repeats I would probably expect BTC to reach 31K and then dump to the blue TMA before dumping more toward the lower TMA. The lower one should then be aound 24.5K.
This weeks CPI and FOMC will release news so anything can happen. I hope this middle term TA will be useful.
Good luck
Here the weekly which shows the major trend which could be regained:
I hope I'm wrong because housing market hasn't crashed yet and I was bearish up until few weeks ago. I was expecting 12K so I might have missed the bottom.
I also used TMA, an indicator I haven't used in a while since I'm not using much indicators anymore. I've checked some previous ascending trends, BTC seems to repeat this pattern: break the upper TMA line (green), re-enter the TMA bands, consolidating, breakdown the middle TMA, go back up to almost touch the upper TMA and then dump to the lower TMA (red one).
If this pattern repeats I would probably expect BTC to reach 31K and then dump to the blue TMA before dumping more toward the lower TMA. The lower one should then be aound 24.5K.
This weeks CPI and FOMC will release news so anything can happen. I hope this middle term TA will be useful.
Good luck
Comment:
Until we're over that blue line there are no reasons to be bearish