Why all this ''bullishness'' on Bitcoin price action?
I am completely excited about how easily people are changing their opinions. It took us only a huge green 1h candle and people are calling already for new all time high. Yes it was the biggest 1h volume in history of bitcoin but this doesn't mean that we gonna see ATH so soon. We need a lot more technical evidence in order to be back to the bullish side. So let's look at some facts:
The bullish side
- Huge 1h candle with the enormous volume
- Minor resistance of 7500$ is broken, since we got a daily close above it
Bearish side
- Multiple resistances above.
1)the 50MA and 200MA
2) The downtrendline
3) Major resistance of 9000-9500$
- The retest of the broken uptrend line, it's always possible to retest and go lower
- The huge descending triangle is still in play, which is a bearish pattern
So overall. I agree that we are slightly more bullish than we were 3 days ago. But we need a lot more things in order to change our bearish longterm outlook. For me, I need a break of the downtrendline and of the resistance at 9500$. If this happens, I am back to bullish again. Till then, I ll just wait. Capital preservation is more important than some missing profits.
The bullish side
- Huge 1h candle with the enormous volume
- Minor resistance of 7500$ is broken, since we got a daily close above it
Bearish side
- Multiple resistances above.
1)the 50MA and 200MA
2) The downtrendline
3) Major resistance of 9000-9500$
- The retest of the broken uptrend line, it's always possible to retest and go lower
- The huge descending triangle is still in play, which is a bearish pattern
So overall. I agree that we are slightly more bullish than we were 3 days ago. But we need a lot more things in order to change our bearish longterm outlook. For me, I need a break of the downtrendline and of the resistance at 9500$. If this happens, I am back to bullish again. Till then, I ll just wait. Capital preservation is more important than some missing profits.