Ladies and Gents –
Please stop wasting your time over-analyzing any charts below daily. Sure you can look at the short term charts to give you some indication, however, it’s more important to form your trading context on the daily and weekly perspective.
I have given so many reasons in my other publications why the market has already capitulated and BTC hit the bottom.
Please review this weekly chart. It’s simple and to the point. This is how TA should be. The amateurs need to overcompensate with colors and a million trend lines .
Weekly perspective is the most important to identify whether we have a real change in trend. It appears so.
1. BTC hit 30 on the RSI first time in history!
2. The weekly stochastic hit a buy signal right after
3. We had an amazing reversal candle right after hitting the low of 3.1k
4. Like i said in my analysis if BTC can close this week around 4k to 4.1k . this would be extremely extremely bullish forming a hammer candle. This would confirm we have bottomed for good.
On the daily chart we saw BTC bounce off the 61.8 Fib retracement from the 4.2k high. This is extremely bullish sign as well. We also have a positive divergence on the RSI .
Peeps, stop stressing over BTC price. We are trading in the dumb zone. You don’t buy or sell in the Dumb Zone. For many of you I recommend the black box approach. Until BTC breaks above or below this black do we get into interesting price areas again.