After the recent drop under 20k, Bitcoin found bids, and on Friday reversed strongly, gaining around 10% in a day and breaking above the recent falling wedge resistance (visible on short-term time frames)
Now, everyone is wondering if this is a genuine reversal and a resumption of the long-term bullish trend.
As a speculator, I try to be as objective as I can and look strictly at what the chart is telling me.
Looking at the weekly posted chart we can see that after 10 months of decline, BTC found support in 20k and the last 3 weeks of price action are showing an Evening Star candle formation which can be the first sign of reversal. However, the price is still under the falling trend line that started in Nov last year. More, Bitcoin has also a strong horizontal resistance in the 25k zone and as long as this confluence level is intact, we are still in a bearish trend.
That being said, in my opinion, this 25k zone holds the key and in order to speak of a bottom, we need a break above first.
A quick look into Total:
Total looks a little better than BTC. Of course, also here we have a downtrend that started in Nov last year and an Evening Star formation in the last three weeks, but this formation can be very well a higher low, which is more bullish than the double bottom (not yet confirmed) from Bitcoin.
Also here we have an important resistance ahead at 1.16T.
In conclusion, although I hope for a reversal, I'm only cautiously bullish at this moment.
Best regards!
Mihai Iacob
Now, everyone is wondering if this is a genuine reversal and a resumption of the long-term bullish trend.
As a speculator, I try to be as objective as I can and look strictly at what the chart is telling me.
Looking at the weekly posted chart we can see that after 10 months of decline, BTC found support in 20k and the last 3 weeks of price action are showing an Evening Star candle formation which can be the first sign of reversal. However, the price is still under the falling trend line that started in Nov last year. More, Bitcoin has also a strong horizontal resistance in the 25k zone and as long as this confluence level is intact, we are still in a bearish trend.
That being said, in my opinion, this 25k zone holds the key and in order to speak of a bottom, we need a break above first.
A quick look into Total:
Total looks a little better than BTC. Of course, also here we have a downtrend that started in Nov last year and an Evening Star formation in the last three weeks, but this formation can be very well a higher low, which is more bullish than the double bottom (not yet confirmed) from Bitcoin.
Also here we have an important resistance ahead at 1.16T.
In conclusion, although I hope for a reversal, I'm only cautiously bullish at this moment.
Best regards!
Mihai Iacob
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