Bitcoin has been holding strong over the last 5 days and we seem to have found some footing here above the 42730K level, we have been testing both the pivot point and our closest support day after day and it really seems to me like the momentum is building up, and that is usually the case for sideways action like this! And don't forget that we have a confirmed bullish divergence that signals a trend reversal, since we had a strong 1-2-3 move to the downside before this divergence appeared we were in a confirmed short term downtrend which means at some point we are very likely to see a reversal back into a confirmed uptrend, and keep in mind these divergences don't always have to play out the day after it could be a week before we actually see true signs of a full reversal! We seem to really be struggling with regaining this pivot point which will be crucial to our trend reversal, we have had many wicks up and above here but can't hold on, this is likely due to the looming bearish momentum that is still gripping the market. And that brings me to my next point, the MACD we have slowly but surely been seeing a push for an upcoming bullish cross, we have recovered significantly on this MACD cycle and my thoughts are that this will be the "last" red cycle, we have seen 3 strong bearish cycles here on the MACD and during our 2nd one i talked about the possibility of a fakeout with another bearish cycle, now of course thats always still possible but in think the bearish momentum is draining quickly and the bulls should be going on quite the run coming up soon, we are most likely a day or 2 away from a bullish cross and we want to make sure we see it confirm, with separation in the MA's with the blue on top and we also want to see an upwards projection from the Blue MA and i think that is very likely due to the fact that we are below the midline and like i said we have had 3 very strong bear MACD cycles in a row. We also want to see rising green bars day after day showing us growth in bull momentum! Now checking out the Wavetrend, we notice on the histogram we are slightly under the midline and bear momentum seems to be shrinking fast, we want to see a rise up and above this midline with a strong initial push, we also are getting close to a bullish crossover with our red crosses getting closer and closer to getting below our actual wave, we want to see this happen and start to give us that push upwards to start a new uptrend wave! Plus keep in mind that this indicator is a slower mover and is very unlikely to make sharp jagged turns, we usually see a full sized wave with smooth transitions into bullish/bearish waves, we are also very very close to the bottom buy zone and we usually don't see further decline from around these areas! Not financial advice just my opinion!
