The break of a major wedge, ready for bullrun?? target 9k
Diupdate
Hey there, here is some additional information about the bear market
As for now i see signs of a bear market ending, these signs are not what i think but what the market is showing
to kick of lets start witht he daily, what you will see is a drop to 6k erlier this year and the past 2 weeks we made a second bottom in that zone, these double bottom is confirmed by the outbreak of the long tnding ascending wedge we been in the last month, this outbreak also cuased this push up of olmost 1200 points in no time.
if we look on the daily rsi you wil notice we have a bullish divergence , this means the trend is changing from what it was been, now keep in mind that this indicator on daily can take weeks to affect the market
i also looked deeped into the in and outflow of money in the market, for the past week we see that the inflow of money is equal to the outflow, wich is a major thing, this will mean either the sell off period is over and we will get out of the bear market, or other forces are playing a role wich is unlikely, volume is good, becuase you cannot account parabolic moves to be the volume quotum after, thats never happend and will never happen either
the volumes are higher then the first part of the run up @ btc so there is plenty of volume to make big moves.
sidenode: volume generaly isnt to important, sell and buy volumes are, and if you look that up you see a total difirent view wich is again very bullish to see
happy trading peeps, and if you agree with this idea please make sure to give it a like and hit that follow button!
much apreceated!
As for now i see signs of a bear market ending, these signs are not what i think but what the market is showing
to kick of lets start witht he daily, what you will see is a drop to 6k erlier this year and the past 2 weeks we made a second bottom in that zone, these double bottom is confirmed by the outbreak of the long tnding ascending wedge we been in the last month, this outbreak also cuased this push up of olmost 1200 points in no time.
if we look on the daily rsi you wil notice we have a bullish divergence , this means the trend is changing from what it was been, now keep in mind that this indicator on daily can take weeks to affect the market
i also looked deeped into the in and outflow of money in the market, for the past week we see that the inflow of money is equal to the outflow, wich is a major thing, this will mean either the sell off period is over and we will get out of the bear market, or other forces are playing a role wich is unlikely, volume is good, becuase you cannot account parabolic moves to be the volume quotum after, thats never happend and will never happen either
the volumes are higher then the first part of the run up @ btc so there is plenty of volume to make big moves.
sidenode: volume generaly isnt to important, sell and buy volumes are, and if you look that up you see a total difirent view wich is again very bullish to see
happy trading peeps, and if you agree with this idea please make sure to give it a like and hit that follow button!
much apreceated!
Catatan
here is the eliot wave scenario, supporting this idea Catatan
as for right now bitcoin is hitting the resistance of the yellow channel, its likely to go back to 7.5k now and continue to make a new move up, exact time is hard to tell right now, but im pretty sure it will rebound at the 7.5k zon this becuase its supported by the end of wave 1 top, and technicly wave 3 bottom cant be lower then the wave 1 topCatatan
so far wave 3 should techicly be finished on the yellow resistance @ trend canal, i expect a drop back to 7.5 still even troguh theres a slight chance it can be 7.8k, the market right now is lightly in a fomo mode wich can dragg btc to higher hightsCatatan
update: with an extended wave 3 we see a nice bear divergence showing up supporting the drawback to 7.5k zone , trade safe ;) Catatan
erlier at 13 aprill i said btc may find support at 7.8k and i gues btc decided to take that position, from that point it started to form a nice bullish symetrcal triangle that often tends to break out, i think it will break out above due the fact we need to finish wave 5 and rsi is very synced with the curent market movement, (they will break out togeter) this break out will most likely result a test of the big purple resistance, from that point on its guesing what it will be, if wave 5 gets extended and break te resistance will mean a whole new situation, stay tuned! ;)Catatan
Catatan
target archieved, however if it breaks the resistance we will be seeing a extended 5th waveCatatan
to 9kCatatan
mayday mayday, the have breached our defence!! i hear in the distance of the bears hole, the bulls have won this battle they breached the resisistance that holded their walls up for so long (nearly 4 months), with much respect to the bears this battle is lost but the war continues, 9k target olmost reached! enjoy the profits peeps ;)main target will be 11.6 to really confirm the bear trend being over this could rather be very soon if fomo kicks in. stay tuned for my next idea! ;)
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