Since $BTC formed a daily Tower Bottom, it has not broken yet. Very different from other cryptos. But so far, the bullish odds stand. Let’s explore the hypothesis.
The daily candle closed green and again! closed above 8 EMA line. The odds are on the bullish side for now. It could still flip in any direction.
Odds: Cautiously Bullish
I rarely compare the charts of different cryptos, but this time I did, because the differences are striking. While BTC seems to have completed a corrective pattern and is ready for a rally, ETH and ADA, for example, have a few more waves down to complete and a few more targets to hit on the micro level. So, it is possible that BTC has been “waiting” for the other ones to finish the unfinished and join BTC in a rally. This is what I think of them now.
BTC’s weekly and monthly candles are in a position where they could develop the respective reversal combos and the first step can happen tomorrow, when the weekly candle is formed. Let’s see how this theory plays.
$BTC has a good chance to continue the rally and it could make a bold move upwards any time. However, there is still a small chance of one more dive to 34000-35000 area before starting a real rally.
- If the candle tomorrow closes above the 20 EMA line (~37700), the rally is likely underway.
- If we see tomorrow a strong red candle closed below 8 EMA line, BTC would be looking for the lower lows.
$BTC is in the inflection zone between 8 and 20 EMA lines and a direction can be set as early as tomorrow.
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