At the moment we are still in the same downward channel we have been in since early May. But over the last few days we have seen a clear inverse head and shoulders forming. It's especially clear on the 4-hour chart. If the formation is completed, it would also make a steep break through the month-long downward channel's upper bound. If this happens, it will be in the next 8-12 hours and confirm that we're out of the bear trend and on to a new, upward pattern!
It's a very pretty picture, and it looks like it will be completed in textbook fashion. There's some poetry to the inverse H&S and the upper bound breakthrough happening at the same time. The neckline is flat and clean.
I believe that we will know whether we're bull or bear for the medium term based on what happens in the next 4-12 hours. Me personally, I'm thinking bullish ^_^
It's a very pretty picture, and it looks like it will be completed in textbook fashion. There's some poetry to the inverse H&S and the upper bound breakthrough happening at the same time. The neckline is flat and clean.
I believe that we will know whether we're bull or bear for the medium term based on what happens in the next 4-12 hours. Me personally, I'm thinking bullish ^_^
Note
I meant to mention RSI. We got that nice bounce on Daily RSI right at 30 on 5/28, which is a good indicator to a bull market. Since then, we've seen RSI staying above 40, which is another bull indicator.Note
Whoop there it is. Between two roads, BTC is taking the bull road. The altcoins are seeing this as a sign to take off, and they're performing currently better than BTC. BTC's rally was just enough, and it seems to be finding support at the 7600 level. The sharp rise followed by a vaguely downward retracing is of course the shape of a Bull Flag :)
BTC has some difficult resistance to get through, and it might do it over TIME rather than with volume of purchases. BTC is the biggest and most sluggish of all the coins.
Personally I believe we will see Ethereum take over BTC this year as the largest Market Cap, and I'm more excited to see its rise along with some of the other alt coins.
Note
One more note! Hopefully you're keeping an eye on the daily MACD indicator, which is just about to cross upwards in bullish fashion. Something we haven't seen since the downturn in early May. That will be a sign to many investors that it's time to buy in again, so expect rises. Today, so far, the MACD is touching the signal. By tomorrow they may have crossed over :)Several days of overall gains might even push that weekly MACD over, which would be a strong indicator of a bull market once again.
Happy investing! Throw me a like or whatever.
And this is not financial advice, blah blah blah. Don't be an idiot. I barely know what I'm talking about here. ;)
Disclaimer
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.
Disclaimer
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.