Lower lows on chart while higher lows on RSI gives bullish divergence, meaning the bears are loosing steam. Long term target might be where the 200 EMA meets earlier major support at around 69000 sats.
Wanna see how this idea plays out :)
Alright. So I'm about to become very bullish on this market after what I believe has been a long and healthy correction.
We have already seen a breakout from the EMA 50, there is a clear bullish divergence on the MACD and the bulls are trying to push Bitcoin (BTC) past the neckline of the inverse head and shoulders pattern. IF(!) this happens, we have made it...
This analysis is meant for my own educational purposes and for making discussion around the current situation. I am by no means a professional trader, and I advice against making trades based on this analysis.
Bitcoin made a pretty strong bounce off from 6000 USD with an all time high volume on the daily chart to back it up. There seems to be a strong bullish...
