BTC/USD - Bullish price action recovers recent drop aggressively
BTC did the unexpected... we pumped! Around 22% from our most recent low at 43k. Not bad for less than three days!
What does this tell us? The market is still VERY bullish. Moreover, this pump/recovery is also more aggressive than our last time in January with the MACD and RSI indicators turning bullish much faster!
For example, in this formation RSI did not drop under 38 while in January we went to 34, then MACD took much longer (18 days) to get a positive cross after falling on 12h timeframe in January while now we only took 8 days!
Seems the corrections are shorter and recover faster now... this is in tune with momentum accelerating as we move higher... good.
Where are we now? As expected (see my last BTC idea) we are at the 52k resistance which is currently holding price from further gains. I don't think this will hold us long if this momentum maintains.
We may correct to previous support at
48K, however I find this unlikely in current market conditions.
Thus bias is very bullish on BTC and remains so unless we make a new low. With the indicators turning bullish, I can't see us making a lower low... so up we go I'd say. Enjoy the ride.
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What does this tell us? The market is still VERY bullish. Moreover, this pump/recovery is also more aggressive than our last time in January with the MACD and RSI indicators turning bullish much faster!
For example, in this formation RSI did not drop under 38 while in January we went to 34, then MACD took much longer (18 days) to get a positive cross after falling on 12h timeframe in January while now we only took 8 days!
Seems the corrections are shorter and recover faster now... this is in tune with momentum accelerating as we move higher... good.
Where are we now? As expected (see my last BTC idea) we are at the 52k resistance which is currently holding price from further gains. I don't think this will hold us long if this momentum maintains.
We may correct to previous support at
48K, however I find this unlikely in current market conditions. Thus bias is very bullish on BTC and remains so unless we make a new low. With the indicators turning bullish, I can't see us making a lower low... so up we go I'd say. Enjoy the ride.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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