Finally, after an important downtrend BItcoin is starting back on the path upwards.
A double bottom and lack of seller momentum combined with a MA Cross probably shows that the downtrend is coming to and end, the increase of buying momentum and the slow but steady recovery of investors trust are the 2 biggest indicators of a reversal.
The RSI also shows a pretty medium level considering all the recent pumps which should also indicate there is plenty of space for upwards movement.
The break of the 5800 support caused massive fear and panic in the market, but the FUD caused by it has slowly been replaced with hope as the 3000 level proved to be a good level for consolidation and volume increased as more investors bought the dip
The 2 biggest markets for Crypto: The US and China have also brought some good news as the US administration appoints more crypto friendly politicians and move towards a more pro-crypto regulation, and China moves toward allowing crypto for merchants which could bring a massive consumer market into cryptocurrency
www.coindesk.com/cry...-us-midterm-election
bitcoinexchangeguide...f-approval-imminent/
www.cryptoglobe.com/...aws-to-21st-century/
www.ccn.com/chinas-m...-bitcoin-and-crypto/
Another pretty good sign is the fact a big pro trader closed his short on BTC and it's always a good idea to follow the smart money
news.bitcoin.com/for...loses-14k-btc-short/
Time to LONG BTC, I entered at $4072
A double bottom and lack of seller momentum combined with a MA Cross probably shows that the downtrend is coming to and end, the increase of buying momentum and the slow but steady recovery of investors trust are the 2 biggest indicators of a reversal.
The RSI also shows a pretty medium level considering all the recent pumps which should also indicate there is plenty of space for upwards movement.
The break of the 5800 support caused massive fear and panic in the market, but the FUD caused by it has slowly been replaced with hope as the 3000 level proved to be a good level for consolidation and volume increased as more investors bought the dip
The 2 biggest markets for Crypto: The US and China have also brought some good news as the US administration appoints more crypto friendly politicians and move towards a more pro-crypto regulation, and China moves toward allowing crypto for merchants which could bring a massive consumer market into cryptocurrency
www.coindesk.com/cry...-us-midterm-election
bitcoinexchangeguide...f-approval-imminent/
www.cryptoglobe.com/...aws-to-21st-century/
www.ccn.com/chinas-m...-bitcoin-and-crypto/
Another pretty good sign is the fact a big pro trader closed his short on BTC and it's always a good idea to follow the smart money
news.bitcoin.com/for...loses-14k-btc-short/
Time to LONG BTC, I entered at $4072