BITCOIN BULLISH DESPITE THE BEARISH SHORT TERM OUTLOOK
The 20 day EMA (thin yellow line) has proven to be a very strong resistance ever since price broke below it two weeks ago.
Every attempt by the bulls to push price above this level in the last 10 days has failed, a situation that gave the bears an upper hand.
Short Term Outlook— BEARISH!!!!
Rejection at 0.382 fib retracementment level and 20 day EMA
Broke below 50 day MA (thin purple line) and 55 day EMA (thin red line)
Broke below the 10k psychological support where its presently consolidating
Bearish MACD cross
Key Support Areas:
9650
9300
9056
Key Resistance Area:
10300
10832
11100
Long Term Outlook— BULLISH
Huge bullish flag pattern/Pennant along a falling channel
Completion of WXY elliot wave pattern at 9056
The rejection at the 20 day EMA may be a failure pattern for a possible retest of our local bottom or the 100 day EMA and 100 day MA between 8800-8500 support area.....the failure pattern to me is a bullish reversal pattern.
I have labelled this zone green.......this is the area of possible reversal for a continuation of the uptrend.
A reversal in this zone will mean a -40% correction for Bitcoin. This to me will mean a heaithy correction for the next leg up, and i dont expect price to go below this level.
Moreover, the present sentiment accross board is overly bearish with media and youtubers predicting doomsday and further downside for BTC....(as we experienced it during the 3100 lows)
This to me is a contrarian signal, an indication that the correction may almost be over if not alreay over, and the 9056 low may just be our reversal point IMO.
Fortunately, this low falls within the green zone labelled as reversal zone.
Until proven otherwise, that area remains my reversal zone for a bullish continuation of the macro trend.
Finally, a break below this channel will spill blood in the market, and this may take Bitcoin to the 6000 lows or even below........This is a worst case scenerio anyways, but i dont expect this to happen for now becos i believe this is a bull market IMO.
Every attempt by the bulls to push price above this level in the last 10 days has failed, a situation that gave the bears an upper hand.
Short Term Outlook— BEARISH!!!!
Rejection at 0.382 fib retracementment level and 20 day EMA
Broke below 50 day MA (thin purple line) and 55 day EMA (thin red line)
Broke below the 10k psychological support where its presently consolidating
Bearish MACD cross
Key Support Areas:
9650
9300
9056
Key Resistance Area:
10300
10832
11100
Long Term Outlook— BULLISH
Huge bullish flag pattern/Pennant along a falling channel
Completion of WXY elliot wave pattern at 9056
The rejection at the 20 day EMA may be a failure pattern for a possible retest of our local bottom or the 100 day EMA and 100 day MA between 8800-8500 support area.....the failure pattern to me is a bullish reversal pattern.
I have labelled this zone green.......this is the area of possible reversal for a continuation of the uptrend.
A reversal in this zone will mean a -40% correction for Bitcoin. This to me will mean a heaithy correction for the next leg up, and i dont expect price to go below this level.
Moreover, the present sentiment accross board is overly bearish with media and youtubers predicting doomsday and further downside for BTC....(as we experienced it during the 3100 lows)
This to me is a contrarian signal, an indication that the correction may almost be over if not alreay over, and the 9056 low may just be our reversal point IMO.
Fortunately, this low falls within the green zone labelled as reversal zone.
Until proven otherwise, that area remains my reversal zone for a bullish continuation of the macro trend.
Finally, a break below this channel will spill blood in the market, and this may take Bitcoin to the 6000 lows or even below........This is a worst case scenerio anyways, but i dont expect this to happen for now becos i believe this is a bull market IMO.
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