I use to not doing so many technical analysis but in some moments I like to have a look on the chart and write down what it shows me or what I interprets based in my knowledge.
If we take a look on weekly chart is pretty obvious that we are yet in a bull trend, even with last dump on bitcoin price we didn't go back where we are before.
We bounced back around the 0.5 fibonacci level after dip happens,but exactly in when price was at 30k.
BYE BYE 30K
Well, seems like these point is an important liquidation aerea that bulls still defending, but as we don't break 42k, btc sentiment is yet neutral.
You may notice that in these exact moment we are like trying hold above 40k but first of all we need to break through these level expecting big volume, otherwise we could fall in a down breakout .
I honestly think that if price confirm these two situation Btc will turns completely bullish in the daily timeframe.
The ema 200 is a good indicator I like to use because in big timeframes give me an idea about zones of price action. So until today btc price didn't touched since beginning of may, so yeah is a probability that btc price makes a new green candle above it.
There is also a bullish signal in the rsi indicator, I've realized a clear divergence Btc is forming, so let's see how these situation comply finally and bulls are back again.
Let's go to 4 hour chart, we may notice that btc sentiment on these timeframe turns on absolutely bullish, here are some important points I would like to take in consider:
·Trend line breakout
·39k price breakout
·Price above 200 ema
·Price above ema ribbon
-Your Honor, I have no more questions-
I really believe a big move is coming up or maybe not , who knows? Profitable traders focus on probabilities ;)
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