In my previous post, I talked about (1) current weekly vs shorter term Bitcoin charts, (2) market fundamentals that needs resolution before we enter a bull market, (3) weekly MACD and trendline, and G20.
While I wrote my article when buy volume during the first phase of breakout didn't exist as much, the buy volume has been increasing drastically, and the breakout becoming more evident.
I believe today is a very important day for a relief from a strong bearish movement, and a test of reversal to a bullish market.
While the market fundamentals I explained in my previous post will likely have effects during March, on shorter term charts like hourly charts BTC seems quite bullish.
Today's breakout seems like we will be going upwards for at least a couple days more. Bulls are gaining more confidence, as we can see from the increase in buy volume, and staying above the first trendline.
We will be first testing 9k, then 9.5k, I think these will be easy to handle, 10k will be a little more rougher than the latter 2, but there are some good signs that it will happen.
Weekly charts still suggest a bearish market, especially the MACD, however hourly charts followed by daily charts will change the pattern for the weekly charts too, if bulls continue to take the control of the market.
Professional investors and whales tend to give more importance to weekly charts, rather than hourly charts, so in order to see a total reversal from the bear market, we have to see it in the weekly charts too.
During these days, we will likely to see more money pouring into cryptocurrency markets from other world markets.
I wish everyone luck and abundance, during this exciting day.
Best wishes,
Cryptopsyche
*This is not financial advice. It's only for education purposes.
While I wrote my article when buy volume during the first phase of breakout didn't exist as much, the buy volume has been increasing drastically, and the breakout becoming more evident.
I believe today is a very important day for a relief from a strong bearish movement, and a test of reversal to a bullish market.
While the market fundamentals I explained in my previous post will likely have effects during March, on shorter term charts like hourly charts BTC seems quite bullish.
Today's breakout seems like we will be going upwards for at least a couple days more. Bulls are gaining more confidence, as we can see from the increase in buy volume, and staying above the first trendline.
We will be first testing 9k, then 9.5k, I think these will be easy to handle, 10k will be a little more rougher than the latter 2, but there are some good signs that it will happen.
Weekly charts still suggest a bearish market, especially the MACD, however hourly charts followed by daily charts will change the pattern for the weekly charts too, if bulls continue to take the control of the market.
Professional investors and whales tend to give more importance to weekly charts, rather than hourly charts, so in order to see a total reversal from the bear market, we have to see it in the weekly charts too.
During these days, we will likely to see more money pouring into cryptocurrency markets from other world markets.
I wish everyone luck and abundance, during this exciting day.
Best wishes,
Cryptopsyche
*This is not financial advice. It's only for education purposes.
评论:
In fact, some of the highest buy volume change seemed to happen at Coinbase, which is showing signs of new money entering the market!
*The buy volume doesn't seem so huge in Bitfinex charts (I believe this is due to the tether issues)
Coinbase charts show a drastic buy volume change: