Bitcoin Market Flips! The Bull is Back and Poop is Dead
Updated
Hi, everyone! I will admit that adding Poop to the title was merely a pun to grab attention. I am no Poop hater. I have nothing but utmost respect to this magical sentient stool because without him, Bitcoin would not have found “spring”. No, it’s true! Poop is a real hero. He single-handedly brought the Bull back to life and saved John McAfee from the knife with his first bearish post in weeks. >=D
Jokes aside. Bitcoin has shown us its strength and resilience once again by rallying price off this year’s all time low of $5,755 far beyond our expectations in a very short amount of time. The panic selloff by weak hands that flooded the bear market yesterday was quickly absorbed by buyers which thrusts price back into the “Third Time Lucky” triangle just as I had predicted in the last update to my previous charts. This mimics the quick spikes that we often see in the beginnings of a newly formed bull market.
That’s right! The “bull” is back in town and we are going to the MOO…N!
Well, not quite.
Looking at the technicals in the daily chart, we can see that Stochastic and RSI have bounced off the “oversold” region. They appear to be recharged with plenty of room to move higher. MACD, on the other hand, still hovers below zeroline which means the market can still go in either direction so for the time being we should stay somewhat cautious despite our bullish inclinations.
Having said that, if yesterday’s new low of $5,755 is indeed Wyckoff’s Spring, then the first new impulse wave to the upside should look similar to what I have charted. A break above the nearest resistance at $6,800 should add more weight to this idea.
Remember, the trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView. The trend going against Poop’s idea was a good example. That or maybe the market just hates Poop.
Happy trading, my friends!
Jokes aside. Bitcoin has shown us its strength and resilience once again by rallying price off this year’s all time low of $5,755 far beyond our expectations in a very short amount of time. The panic selloff by weak hands that flooded the bear market yesterday was quickly absorbed by buyers which thrusts price back into the “Third Time Lucky” triangle just as I had predicted in the last update to my previous charts. This mimics the quick spikes that we often see in the beginnings of a newly formed bull market.
That’s right! The “bull” is back in town and we are going to the MOO…N!
Well, not quite.
Looking at the technicals in the daily chart, we can see that Stochastic and RSI have bounced off the “oversold” region. They appear to be recharged with plenty of room to move higher. MACD, on the other hand, still hovers below zeroline which means the market can still go in either direction so for the time being we should stay somewhat cautious despite our bullish inclinations.
Having said that, if yesterday’s new low of $5,755 is indeed Wyckoff’s Spring, then the first new impulse wave to the upside should look similar to what I have charted. A break above the nearest resistance at $6,800 should add more weight to this idea.
Remember, the trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView. The trend going against Poop’s idea was a good example. That or maybe the market just hates Poop.
Happy trading, my friends!
Note
Hi friends! Here is today's update on BTC. We are approaching a key resistance level where the bull might have trouble penetrating given the lack of volume. If the bull fails, the bears will seize this opportunity to claw price down to retest the regional lows of $5,755 again. Here is an illustration of the BTC 4-Hour chart of what might happen.I would be cautious and wise to pull out of this market at this level for the time being and re-enter at lower levels. That's all for today. Happy trading everyone!
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