$BTC today closed softer than yesterday and the combo suggests a short-term bullishness, perhaps for 1-2 days. Strong resistance at ~36600 and ~39000. Let’s explore this hypothesis in details from different angles.
Two red candles in two previous days was a strong bearish message. Today the bulls seemed to stop an immediate move further down, but it remains to be seen how strong the bulls are. As both the weekly (refer to the latest weekly – link below) and daily candle formations signal some bullish retrace, I am expecting a corrective action for the next day or two.
Technical indicators on the longer trends are looking bearish. There will be no harm with a short-lived uptrend though. Overall, I expect the lower prices in the second part of week.
The main focus for tomorrow is $BTC’s behavior around the daily 8 EMA line. It will be the main resistance and the foundation for further analysis.
The triangle formation is still valid and I will share a separate update on BTC, ETH and ADA once I see the changes.
Until the daily 8 and 20 EMA lines not broken upwards, there is nothing bullish in the picture.
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