Bearish push failed; relief bounce likely; ltf still neutral.
Not being a permabull here, but pushing below two supports like that in a strong sell move followed by a powerful buyback of 12% is exceptionally bullish. It's called the bullish hammer pattern but don't just buy into mystical bullshit, think about the mechanics behind the buyer and seller and why that pattern might form.
Also, never use a candle like this on its own, convergence is key with all chart reading. Wicks can tell you a lot about where price disagreements occur, and in this case the candle body has cleared on the bullish side of both the downward channel support AND the long standing trend line.
We definitely aren't in full on bull mode yet; the moving averages paint a painful picture so far, making me think this will only be a relief bounce. I think purchasing here would not be a bad idea but there's no evidence whatsoever that we are ready to go up yet. If you do purchase be sure to cover yourself.
====READ THIS:=====
If you flip the chart (ctrl+i) you would read this as an upward trending chart that just failed a breakout. Try it! You'd never buy this, it powerfully rejected. So you should obviously feel the inverse about the actual chart. We just failed a bearish push. This doesn't mean we are going up, but it's definitely a very good sign of potential short term reversal.
Longer term though (weekly) it seems to point to BTC ranging slowly downward before we see any decent action. Knowing BTC some player could step in and change that at any time, but that's how it is right now.
Everyone was chanting "1k, 2k, 4k" - even the pros. That's your signal to start feeling good about BTC. When it was 14k those same people were calling for 50k EOY.
Also, never use a candle like this on its own, convergence is key with all chart reading. Wicks can tell you a lot about where price disagreements occur, and in this case the candle body has cleared on the bullish side of both the downward channel support AND the long standing trend line.
We definitely aren't in full on bull mode yet; the moving averages paint a painful picture so far, making me think this will only be a relief bounce. I think purchasing here would not be a bad idea but there's no evidence whatsoever that we are ready to go up yet. If you do purchase be sure to cover yourself.
====READ THIS:=====
If you flip the chart (ctrl+i) you would read this as an upward trending chart that just failed a breakout. Try it! You'd never buy this, it powerfully rejected. So you should obviously feel the inverse about the actual chart. We just failed a bearish push. This doesn't mean we are going up, but it's definitely a very good sign of potential short term reversal.
Longer term though (weekly) it seems to point to BTC ranging slowly downward before we see any decent action. Knowing BTC some player could step in and change that at any time, but that's how it is right now.
Everyone was chanting "1k, 2k, 4k" - even the pros. That's your signal to start feeling good about BTC. When it was 14k those same people were calling for 50k EOY.
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