if we look at Okex, we could see a strong bullish engulfing in my opinion. Okex has different open and close times than Bitstamp for example. Often looking at the Asian exchange helps because they are earlier.
@fract, thx for sharing and your support. i agree. great chart. 27 dec is really possible. :-)
ENZO_MM
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In Bitstamp there is not Bullish engulfing, and the 50WMA does not well as a support on BTC.
In other hand the 200WMA as been always at the Capitulation of BTC , right now is 12K 14k
Also a Bullish engulfing is not a sign of a Trend Reverse but a slow down of a trend. Meaning Wait.
We should be out BTC since crossed 15DMA and waiting :
1) if bounce from a possible big red candle to near 20K
2) if when breaks 50K reaches in few weeks 80K, meaning is not rejecred, BTC has momentum and a Bull Trend is still in place.
3) at the bounce of the pullback from 80K Buy, probably the most secure way. There are other ways depending in your trade system.
So, wait till the trend changes; right now we strugling to get above 5DMA and 15DMA!!. But most important we are 50% from 60K as well as we are 50% from capitulation 14K....
BTCINVESTING
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@EnzoMillions, thx for your deep information. yes ofc bitstamps candles looks different. thats the point. i m still strong bullish. the momentum of bitcoin and the fundamentals are good imo. el salvador is only the peak of the iceberg. lets see my friend. :-)
ENZO_MM
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@BTCINVESTING, What i meant about candles is that an engulfing pattern just pointing a slow in the trend...there are Candles formation as Top or Bottom Islands and Windows that are really important to be mention because this have more odds of a rend reverse than an engulfing pattern on a Lateral market since 20 may till today.
For Today a slow down in the downtrend that let BTC 50% down and since then a Lateral BTC don't mean a reverse it could be a slow down to then continue to fall.
And even I am bullish on BTC ,and no one care about El Salvador,t TODAY the odds of going till 20K are highly on the table; even higher or in best case scenario similar to the odds to a reverse and going 50K and getting 80K in few wees after breaking 50K. FOR TODAY
If the fall continues it does not mean that at the end of 2021 beginning 2022we couldn't be 200K or more; but today is not the time to get in.
Also Notice that if gets to 20K is very near to 14K 200WMA Capitualtion of BTC
ENZO_MM
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@EnzoMillions, I appreciate your analysis but i pointed out not that i am bear on BTC but the Chart you presented don't have any bullish elements (engulfing candle on a Lateral BTC or being at the 50WMA ) . And I also introduce certain element to Wait instead of buy TOADY