Bitcoin Early Reversal: 5 Signs of Seller Exhaustion
Sellers showing signs of exhaustion as a noticeable bullish divergence continues to develop.
1. Momentum is on the rise.
2. 1.272 fib level held as support - same as 2013 pause before 2nd big leg up.
3. Downtrend line is being tested again. Temporarily broke through, though it will likely pullback.
4. Sitting above the 20 EMA for only the 2nd time in almost two months.
5. We are seeing a bounce back into the middle of the channel and up into a strong volume point of control at around 37k.
Likely will retest low 30's, and may continue to consolidate. Not saying bitcoin is out of the woods yet, but this strengthens the bull cycle continuation argument.
NFA , DYOR!
Let me know your thoughts in the comments :)
1. Momentum is on the rise.
2. 1.272 fib level held as support - same as 2013 pause before 2nd big leg up.
3. Downtrend line is being tested again. Temporarily broke through, though it will likely pullback.
4. Sitting above the 20 EMA for only the 2nd time in almost two months.
5. We are seeing a bounce back into the middle of the channel and up into a strong volume point of control at around 37k.
Likely will retest low 30's, and may continue to consolidate. Not saying bitcoin is out of the woods yet, but this strengthens the bull cycle continuation argument.
NFA , DYOR!
Let me know your thoughts in the comments :)