Bitcoin bullish wedge at bull flag support still in play
The wedge seems to be more real now. We dropped again as suspected after the weak movement yesterday. Now the tough thing is, is the low set already? Without reaching the green box at 8500/400? Just made a small move up, creating some sort of curved low inside the wedge, which is not very unlikely.
Next to all this, OI has increased quite a bit past 2 days, indicating accumulation. Could be re distribution as well, but very unlikely at these low prices. If It is that, would be VERY bad for the market mid/long term. So think as long as the wedge is in play, being bullish makes the most sense to me.
Now we have a small push up, which is not meaningful until we break 8700 at least. 8800ish would be very good step forward, also looks to be the wedge resistance now. As mentioned in previous updates, if we break up, it really needs to be a very big move up with high volume. A short squeeze is allowed now, but we do NOT want to see price pull back like 30/50% from the first push in the first minutes.
Ideally we see a big rally breaking the 9200ish, that is also a level I mentioned few times past week. If we see this happen, than a bull trend for the coming weeks/months will become much more likely.
A bullish wedge rarely breaks downwards, but it does happen. When it does, usually a squeeze. So in otherwords, if it breaks the support, a big dump will be very likely.
Volumes have dropped to crap levels, this seriously needs to change again if we want to keep thinking about a bull trend. So if a breakout happens, volumes really need to increase!
In my daily updates in my public channels I kept talking about the ABC correction for the big bull flag. This eventually happened and we have found support at decent levels so far. At first I wanted to see the market turn up within a few days, which didn’t happen. But instead, we got this possible bullish wedge in return, keeping the bullish options open again.
As for me updating here on TV, I hoped I would have been doing it already, but as you have seen, I have not started to do so. Hope I will start doing that next week or the week after again. Until then, you know where to find me
And for the comments of my previous analysis here, I sincerely thank you for the very kind words, really means a lot and appreciate very much in these difficult times, so thank you for that!
As for the ugly chart here :), it’s because I am doing it from my phone. That’s why you can find the chart I posted in my channel here below
Next to all this, OI has increased quite a bit past 2 days, indicating accumulation. Could be re distribution as well, but very unlikely at these low prices. If It is that, would be VERY bad for the market mid/long term. So think as long as the wedge is in play, being bullish makes the most sense to me.
Now we have a small push up, which is not meaningful until we break 8700 at least. 8800ish would be very good step forward, also looks to be the wedge resistance now. As mentioned in previous updates, if we break up, it really needs to be a very big move up with high volume. A short squeeze is allowed now, but we do NOT want to see price pull back like 30/50% from the first push in the first minutes.
Ideally we see a big rally breaking the 9200ish, that is also a level I mentioned few times past week. If we see this happen, than a bull trend for the coming weeks/months will become much more likely.
A bullish wedge rarely breaks downwards, but it does happen. When it does, usually a squeeze. So in otherwords, if it breaks the support, a big dump will be very likely.
Volumes have dropped to crap levels, this seriously needs to change again if we want to keep thinking about a bull trend. So if a breakout happens, volumes really need to increase!
In my daily updates in my public channels I kept talking about the ABC correction for the big bull flag. This eventually happened and we have found support at decent levels so far. At first I wanted to see the market turn up within a few days, which didn’t happen. But instead, we got this possible bullish wedge in return, keeping the bullish options open again.
As for me updating here on TV, I hoped I would have been doing it already, but as you have seen, I have not started to do so. Hope I will start doing that next week or the week after again. Until then, you know where to find me
And for the comments of my previous analysis here, I sincerely thank you for the very kind words, really means a lot and appreciate very much in these difficult times, so thank you for that!
As for the ugly chart here :), it’s because I am doing it from my phone. That’s why you can find the chart I posted in my channel here below
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