BTC is about to begin a bullish rally and here's why:
Looking at the graph, we can see a candle with an extremely big wick pointing upwards has formed (A.K.A. Inverted Hammer). There are also other reasons why it's about to happen. They include:
- Price hitting the 200 EMA and not crossing
- Price hitting the 61.8% fib line
- The downtrend is losing its momentum (hence the decreasing candles)
- The timeframe is 1 week
There is still a chance, however, that the price will keep dropping. But because we are talking about multiple types of traders, we can safely say BTC is about to begin a rally.
NOTE: this is not investing advice. If you would like to go against my advice, feel free to. There is nobody stopping you.
Looking at the graph, we can see a candle with an extremely big wick pointing upwards has formed (A.K.A. Inverted Hammer). There are also other reasons why it's about to happen. They include:
- Price hitting the 200 EMA and not crossing
- Price hitting the 61.8% fib line
- The downtrend is losing its momentum (hence the decreasing candles)
- The timeframe is 1 week
There is still a chance, however, that the price will keep dropping. But because we are talking about multiple types of traders, we can safely say BTC is about to begin a rally.
NOTE: this is not investing advice. If you would like to go against my advice, feel free to. There is nobody stopping you.