BTCUSD - Still Bullish for 38k-39k But Low on Volume!
Yesterday we came quite close to 35k, and in reference to my previous analysis, it had rebounded as predicted. Currently, there's alot of FUD going on that BTCUSD is going to retest the 27k-28k lows. Volume is currently very low, and if so, it's going to be a stalemate of bulls and bears waiting for each other. With that in regard, it's really alot to do with how the Whales will come in to affect the market, because that will be the ultimate driving force.
From a technical standpoint, I believe that, "What crosses the Bollinger Band mid line, will ultimately make it's way to the other end". In this case, it has already crossed up the mid line, which is a MA 20. What we need for that to reach the other end though, is volume. On the left side, I've circled an instance where the MACD has made a small 2nd green wave. That's exactly what we need to look out for to see this upward climb to continue.
I wish to note that we also had a little bear trap before BTC rebounded yesterday. If the consensus is to push the market into another low, we've had a series of bullish divergences from M15-H1, and thus I HOPE that those of the intent to depress the price will be once bitten and twice shy.
Is there a possibility of retesting the bottom? Maybe. But I'm highly influenced by my experience trading with the BBands to think that it will hit the 38K-39K 161.8% Fib extension first. Finally i wish to note the Descending Broadening Wedge pattern which indicates the buyer's intention to take control. This again tracks back to an issue of volume, and the most immediate HOPE that the buyers can start to take control is after the Friday expiry of CME options which has a short bias at present.
The timeframe for which I expect the btc to hit 39k (if it follows this course) is Sunday. Which again is the common pumping behavior we've noticed in the past, especially from the Korean exchanges.
From a technical standpoint, I believe that, "What crosses the Bollinger Band mid line, will ultimately make it's way to the other end". In this case, it has already crossed up the mid line, which is a MA 20. What we need for that to reach the other end though, is volume. On the left side, I've circled an instance where the MACD has made a small 2nd green wave. That's exactly what we need to look out for to see this upward climb to continue.
I wish to note that we also had a little bear trap before BTC rebounded yesterday. If the consensus is to push the market into another low, we've had a series of bullish divergences from M15-H1, and thus I HOPE that those of the intent to depress the price will be once bitten and twice shy.
Is there a possibility of retesting the bottom? Maybe. But I'm highly influenced by my experience trading with the BBands to think that it will hit the 38K-39K 161.8% Fib extension first. Finally i wish to note the Descending Broadening Wedge pattern which indicates the buyer's intention to take control. This again tracks back to an issue of volume, and the most immediate HOPE that the buyers can start to take control is after the Friday expiry of CME options which has a short bias at present.
The timeframe for which I expect the btc to hit 39k (if it follows this course) is Sunday. Which again is the common pumping behavior we've noticed in the past, especially from the Korean exchanges.
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