Bullish Argument for Bitcoin

Although most in the space seem to be erring toward the "bearish" side (all TradeView's indicators are heavily weighted toward SELL on most charts), I'd like to present the argument for the Bulls, based on both a bullish oscillator's (RSI) and chart pattern (falling wedge).

As shown in my chart,we have been forming a (really long) Falling Wedge/ bullflag pattern across the past few months after the run-up from 4K to 12.

In addition to the bullflag forming, we had also been seeing a move toward LOWER(ing) LOWS on Bitcoin's price; combined with HIGHER LOWS on the RSI, indicating a BULLISH DIVERGENCE and a long tendency overall.

Both of these factors in combination: Bull flag forming, and a Bullish Divergence on the RSI - a very powerful indicator in my experience - create, in my opinion, a quite strong case for the Bitcoin Bulls.

Comentário:

It appears the small symetrical triangle may have been a "bear pennant" in disguise - the price dropped out of the triangle pattern - seeming to signal a bearish trend, at least in the more immediate future. It is only if the price dips to $6100 ad below levels, and out of the channel we'd been forming, that we really might be concerned over seeing another multi thousand dollar drop of some sort.

I have actually updated my position to "Bearish," as I've said, in the immediate future - looking at support levels around, as I've said, the 6100 - 6120 USD range.