Hello Everyone!
Welcome to this update on BTC. As I told you; an important first step for BTC to turn bullish on the longer term, is a weekly close above that blue trend line. That's what happened.
But we have two bearish signals that Occurred. On the Daily, BTC got rejected by the 50 EMA, RSI and Stochastik also give us overbought signals.
Therefore I'm expecting a retest of the blue trend line which is correlating with the 20EMA as additional support.
The other signal is the Cycle that BTC is in. After a high in a Cycle, BTC turns bearish to end it's Cycle. And since we are officially still in a bear market, the Cycle didn't change so far.
Bullish scenario: Restest of the blue trend line and 20 EMA. Bounce from there.
Bearish scenario: Retest of the blue trend line and 20 EMA. Bounce, followed by more selling pressure.Break through. Restest of the green Trendline, which showed strong support since the past 3 Weeks. Ending the Cycle.
Good trading!
G.M.
Welcome to this update on BTC. As I told you; an important first step for BTC to turn bullish on the longer term, is a weekly close above that blue trend line. That's what happened.
But we have two bearish signals that Occurred. On the Daily, BTC got rejected by the 50 EMA, RSI and Stochastik also give us overbought signals.
Therefore I'm expecting a retest of the blue trend line which is correlating with the 20EMA as additional support.
The other signal is the Cycle that BTC is in. After a high in a Cycle, BTC turns bearish to end it's Cycle. And since we are officially still in a bear market, the Cycle didn't change so far.
Bullish scenario: Restest of the blue trend line and 20 EMA. Bounce from there.
Bearish scenario: Retest of the blue trend line and 20 EMA. Bounce, followed by more selling pressure.Break through. Restest of the green Trendline, which showed strong support since the past 3 Weeks. Ending the Cycle.
Good trading!
G.M.