A higher low came in on 26-May but prices recovered right before hitting the 0.618 Fib. retracement level; The short-term chart technicals are now favoring the bulls.
We can see EMA50/EMA100 being conquered on the 2H timeframe... Nay, this level we consider conquered only if BTCUSD closes above $29,338 before the days close.
We see the $31,300 / $31,400 price range as the next target maybe within a day or two...
It will take longer before $34/35K but can actually get even better... Let's not get ahead of ourselves.
After 9 weeks of RED/BLOOD, it is hard to adapt to the fact that a bullish relief rally is already on.
From ~$25,500 to ~$29,500 we have already over 15% growth.
The only problem is that a drop down can happen so quickly and erase days of a slow uptrend. But I'm bullish with you in spirit and hope for a bull run sooner than later. I'm just not convinced about the potential risks associated with rewards yet to blindly hold long. Still seems like a day to day trade with alerts set & routine monitoring of technicals. I still think $20,242 wick is on the horizon before all the smoke clears.
AlanSantana
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@growerik, We need some sort of relief rally before the next move down.
The long wick on the major drop on the drop followed by the lower highs weeks later tells us that the bears don't have enough strength to push prices lower right away.
Options360
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@AlanSantana, yes definitely rsi pointing north for now
DeGRAM
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Thank you for sharing your analysis. Great job! As you predicted
AlanSantana
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@DeGRAM, My pleasure. Your support is appreciated.