Three charts showing Bitcoin may have ended its pull back.
1 - Hammer Candle on the weekly. (Left chart)
The week has not closed yet and will close on Sunday. So this candle formation has
not been confirmed.
But currently it is a Hammer Candle, which could signal a bullish reversal.
The bottom wick is really long, showing huge buying pressure.
2 - Bollinger Bands on the daily. (Middle chart)
Whenever price breaks above or below the Bollinger Bands, that's a sign things may
start to reverse.
In the white circle, price has been falling for roughly 2 weeks, before a candle wick pierced
through the bottom of the band. I see this as a bullish reversal.
If you look at the white square above, the opposite happened.
When the candle sticks pierced above the band it reversed price to the down side.
BTC's next test will be the orange basis line inside of the Bollinger Bands.
3 - 100 Day Moving Average. (Right Chart)
BTC confirmed support on the 100 Day MA, and bounced off it. This is a bullish move.
Its next test will be the green line, which is the 50 Day MA.
The 50 MA is currently sitting at $42,900.
In a couple of weeks we will know for sure, if these three signals were clues of a bullish reversal.
1 - Hammer Candle on the weekly. (Left chart)
The week has not closed yet and will close on Sunday. So this candle formation has
not been confirmed.
But currently it is a Hammer Candle, which could signal a bullish reversal.
The bottom wick is really long, showing huge buying pressure.
2 - Bollinger Bands on the daily. (Middle chart)
Whenever price breaks above or below the Bollinger Bands, that's a sign things may
start to reverse.
In the white circle, price has been falling for roughly 2 weeks, before a candle wick pierced
through the bottom of the band. I see this as a bullish reversal.
If you look at the white square above, the opposite happened.
When the candle sticks pierced above the band it reversed price to the down side.
BTC's next test will be the orange basis line inside of the Bollinger Bands.
3 - 100 Day Moving Average. (Right Chart)
BTC confirmed support on the 100 Day MA, and bounced off it. This is a bullish move.
Its next test will be the green line, which is the 50 Day MA.
The 50 MA is currently sitting at $42,900.
In a couple of weeks we will know for sure, if these three signals were clues of a bullish reversal.
5 weeks later and this thesis played out nicely.