Bitcoin has been putting in some incredibly bullish price structure since reaching a low of $43K.
Re claiming the $50K level for the fifth time since Feb 23rd -a pretty big deal IMO.
Was expecting this correction to continue a bit further, but there is a valid case for it to be over -and with the bullish news of a the $1.9T stimulus package passing over the weekend, fundamentally -it makes sense.
A further correction would prove the bull trend to be much more healthy, especially if the extended B wave correction hypothesis is true. A correction down to at least the $38K level would be EXTREMELY BULLISH for the price of bitcoin heading into Q2 at the end of the month. There are a lot of buyers at these prices -for this reason, the price may not make it down that far as institutions race to own all of the bitcoin.
DXY is looking bullish -under normal circumstances, a bullish move out of the DXY would be expected to push bitcoin down to these desirable prices, however -normal circumstances may be becoming less and less "normal".
Open interest is rising with prices. Exchange outflow is up 34% in the last 24 hours.
Leveraged long orders + dwindling exchange supply = higher prices
On lower TF (30m, will post chart) PA appears to be forming a DIAMOND TOP bearish pattern, with a measured move target of $49.7 - $49.9K.
There is a bit of confluence that suggests this could be a bottom before some bullish continuation, if so -would be a pretty epic entry.
If PA breaks below the support of the bullish ASCENDING TRIANGLE structure -will be looking for buy order fills at $38K and $34K. Rationale for these price levels in my previous idea post.
What are you all seeing?
-JNY
3CandleCollective
Re claiming the $50K level for the fifth time since Feb 23rd -a pretty big deal IMO.
Was expecting this correction to continue a bit further, but there is a valid case for it to be over -and with the bullish news of a the $1.9T stimulus package passing over the weekend, fundamentally -it makes sense.
A further correction would prove the bull trend to be much more healthy, especially if the extended B wave correction hypothesis is true. A correction down to at least the $38K level would be EXTREMELY BULLISH for the price of bitcoin heading into Q2 at the end of the month. There are a lot of buyers at these prices -for this reason, the price may not make it down that far as institutions race to own all of the bitcoin.
DXY is looking bullish -under normal circumstances, a bullish move out of the DXY would be expected to push bitcoin down to these desirable prices, however -normal circumstances may be becoming less and less "normal".
Open interest is rising with prices. Exchange outflow is up 34% in the last 24 hours.
Leveraged long orders + dwindling exchange supply = higher prices
On lower TF (30m, will post chart) PA appears to be forming a DIAMOND TOP bearish pattern, with a measured move target of $49.7 - $49.9K.
There is a bit of confluence that suggests this could be a bottom before some bullish continuation, if so -would be a pretty epic entry.
If PA breaks below the support of the bullish ASCENDING TRIANGLE structure -will be looking for buy order fills at $38K and $34K. Rationale for these price levels in my previous idea post.
What are you all seeing?
-JNY
3CandleCollective
