After such a deep sell-off we've seen the market nervous for the last month with short sharp rises and falls.
I think we may see a gradual return to confidence over the next two months following tweets from you-know-who. Plus the moving averages seem to be moving back to a positive formation so this may give it a small boost.
I think we may see larger, longer...
Bullish uptrend (shown green) originating from before the main bubble has offered support 3 times since the recent correction.
Even though we are currently in a parallel downtrend (white) we may see a change in BTC's fortunes by week end.
Bitcoin looks to be currently forming a rising wedge under the 200EMA which could signal another leg down in BTC price in the coming days.
Validation of a breakdown would be a breakout and retest of the rising wedge to the downside. Target £20,000.
RSI still showing a negative divergence. Resistance at £30,000 is also in line with the 200 EMA on the 4HR. This could be the level where longs get trapped, be careful.
IMO this is a dead cat bounce as we go much lower once £30,000 is rejected. Short at £30k.
The H&S is also within an uptrend, and is bouncing inside a symmetrical triangle. Despite the downtrend these last few days, I would suggest the start of a reversal and trend change is on its way.
Before we see this however, I will further add that we will most likely see a test of a primary level first before we see a spring that signifies a trend reversal and...
Considering BTC smashed through the previous support level of 38.5k, a 1 month view of BTC movement & a fib retrace would suggest next level of support (61% on fib) is 36k.... lets see what happens!
Certainly still stand my previous post about expecting a very bumpy ride this week, hopefully as we edge into April, the bull volumes start to take over.
Let me know...