Short Term Relief rally coming ? Seems so.....

BTCUSD

BTC rally has ended as a roller coaster in the past weeks because of a bad monthly close. Now BTC has hit support zone and a short term bull revival as a relief rally might be on the cards. As you can see high ranking coins have hit support zone and look oversold. BTC also hitting oversold area. A reversal from this area might test 6700 area again (could dip upto 6100 before staging a rally - 20 Month EMA). Currently it is in the POC (Point of control of the previous rally) which is also a good support area with multiple horizontal and diagonal support zones. BTC dominance is reaching 50% - a perfect time to post a mini alt rally which could post 40% to 60% gains according to the coin you choose.

Gann Fan analysis also shows that we are nearby support zone.

The BTC Inverse chart suggests a pullback happening which is of course a bullish sign.

NOTE : The monthly chart is bearish-neutral. Book profits once targets get hit. If bearish continuation from this level happens and btc closes below 6K. Sell anything you have on bounce and wait for a even major crash. You could save more money on that. As far as BTC stays above 6100 we are good to go long. Let's make some money. Happy trading :)

Kommentar:

relief rally happened as expected but gains were not upto expetations. Strong bearish sentiment