In this short article I want to give you a quick update about the current market situation especially the bullish situation of BTC.
Recently the general Crypto and traditional markets have seen a strong come back. After the FED and EZB released fresh optimistic interest rates, all markets got really solid recover pushes. The Nasdaq on daily timeframe is on its way to test the 200 EMA resistance. We have seen this already last year in April and in August.
In last year it was impossible to keep these pushes and consolidate above for a long time. But this time as you can see, we going to not forming a big “W” pattern (bullish-double-top-patter), also we went sidewards for about 4 months. This is also a quite strong sign that number of bullish investors increasing and market is more optimistic.
In comparison the S&P500 already broke though the 200 average line.
Let’s take now a closer look to Bitcoin on a lower time frame (1h)
I personally believe Bitcoin is about to repeat itself from the last days. Even the RSI got a short cool down on the 1h time frame, but still stays slightly above the value 50. As we know the value >50 but <70 stands for an uptrend on the RSI.
And now what’s really interesting:
By scrolling out to the daily time frame we getting a really interesting situation.
In May we have seen really strong crashes. This is of course quite bad situation for these days, but right now its providing Bitcoin the chance to recover much faster on this steps. Because you won’t find much support or resistance levels between 24300-28400k. Big investors and whales will not put Take-profit or Stop-loss levels between this “free-fall-ways”.
As soon as we break above around 24.200k there is no stop or resistance until around 28400k. This means we might could see after a short confirmation on around 24k support line, a massive move of about »17%.
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Of course, this is no recommendation for action!!!
Greets,
Patrick