To early to call a bottom and trend reversal but indicators I saw and trend line on a log scale are giving good vibes
* The Falling Wedge is formed which is a bullish pattern
* Bounce from trend line on log scale
* Bounce from 200 MA
* RSI showing oversold
* The Falling Wedge is formed which is a bullish pattern
* Bounce from trend line on log scale
* Bounce from 200 MA
* RSI showing oversold
Note
Good green close to the daily candleHaving a closer look at last two days daily candles with magnifier glass, it can be seen that 200 EMA is not badly breached, price didn't clearly went below, it closed exactly on it which is good. 200 EMA can be considered as still valid. Clear above 200 MA and trend line on log scale.
Note
BTC strong bounce from $6k with huge buy volume, looks stronger than the previous one. Look at the buy volume, last time we saw this on $3k dip.A daily close above $7600 would confirm, We may still see a higher low around $6500 but a bounce from there should take it to $8k+
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.