Longterm bullish picture for BTC
In my opinion there is a very bullish scenario starting to form for BTC. Let's look at the signals that are visible on the weekly chart:
1- Stochastic RSI has been in a very low area the last few months and is now starting to turn upwards
2- 13-weekly EMA is almost crossing the 26-weekly EMA
3- BTC's price is touching a trendline that has been valid since 2016. If the trendline is to hold, the price has to go up now
4- We are at the end of a wedge between the upward trendline and a downward trendline of the last few months
5- We have recently had a breakout at the bottom of the weekly Bollinger Bands, something that only happens rarely as you can see.
Curious to hear what bears would make of this picture! Let me know in the comments.
1- Stochastic RSI has been in a very low area the last few months and is now starting to turn upwards
2- 13-weekly EMA is almost crossing the 26-weekly EMA
3- BTC's price is touching a trendline that has been valid since 2016. If the trendline is to hold, the price has to go up now
4- We are at the end of a wedge between the upward trendline and a downward trendline of the last few months
5- We have recently had a breakout at the bottom of the weekly Bollinger Bands, something that only happens rarely as you can see.
Curious to hear what bears would make of this picture! Let me know in the comments.
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