The 4-hour chart is showing strength, as the price keeps remaining above the 50-day MA, which is now turning upwards (which is bullish). The 50-day MA may soon crossover the 100-day MA again (which is bullish). There is still a tremendous negativity in the market (which is bullish from a contrarian point of view) and there may soon be a huge short squeeze, as the short interest is again very high (see my previous posts). What's probably happening right now is that the selling pressure is absorbed by buying institutions.
So, I think a short-term bottom may be in. And maybe later on (with hindsight) we may call it The Bottom, who knows?
So, I think a short-term bottom may be in. And maybe later on (with hindsight) we may call it The Bottom, who knows?
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If selling pressure is at the highest of the year (see my previous post) and BTC doesn't sell of, then that's a bullish divergence, right? An early bullish sign.
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I'm thinking more and more that BTC price will test the 200-day MA (the orange line in this chart) in the coming days, which is around USD 7,900-ish right now. Now, if price would actually break that line to the upside, that would be a really big thing in this market.
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Sorry, the 200-day MA is of course not visible in this chart, because it's a 4-hour chart. So, please refer to the daily chart.
It is all Fibonacci.