BTC Short term update. Is it time to turn bullish?
Updated
So we've broke out of the big bear flag on the left. No big surprise... Followed by a big dump, some consolidation and another dump. After that we've got a pretty good green candle with some good volume to back it up and pushed us back to 6200.
There seems to be a lot of resistance at the upper yellow line at $6215 and wasn't able to pass it. Then we've got a dump followed by a pump at the green arrow. So i did some research and found out that exactly on that time, Tether printed another 250M USDT. So Tether saved BTC (for now).
We are currently in a really small bull flag. If this one breaks out it could rally to around 6400 (max 6500). To really turn bullish, there has to be way more green and more volume. The only thing it does right now in my opinion is a little correction to the upside to reset the RSI to allow it to go even lower...
Cut off your emotions, don't FOMO and let it play out. I'm not going to change my prediction of the bottom at 5K based on this little pump.
So we will se how this plays out. On the short term i'm still bearish. Long term bullish of course.
There seems to be a lot of resistance at the upper yellow line at $6215 and wasn't able to pass it. Then we've got a dump followed by a pump at the green arrow. So i did some research and found out that exactly on that time, Tether printed another 250M USDT. So Tether saved BTC (for now).
We are currently in a really small bull flag. If this one breaks out it could rally to around 6400 (max 6500). To really turn bullish, there has to be way more green and more volume. The only thing it does right now in my opinion is a little correction to the upside to reset the RSI to allow it to go even lower...
Cut off your emotions, don't FOMO and let it play out. I'm not going to change my prediction of the bottom at 5K based on this little pump.
So we will se how this plays out. On the short term i'm still bearish. Long term bullish of course.
Note
Making another bear flag. But a smaller one compared to previous ones. This one could take us to 5800 again and make a double bottom or it will break trough and go to around 5400-5600. Still don't think we will see a full recovery from this point. Bulls are looking weak and there is still no catalyst to push the price.
Note
Heading over to the support line and probably going to fall trough.. Break below 6130 would take us to at least a retest of 6000 and probably also a retest of 5800 with the risk of falling trough.
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