Today $BTC closed with a candle that is more bullish than bearish. There is a chance for lots of calls to $100k tomorrow. But, for this rally to start, there are some strong hurdles to overcome. The odds are still bearish on the bigger frames. Let’s explore the hypothesis.
Today’s candle is a Dragonfly doji. Technically, it shifts the odds to the green side. However, it requires a confirmation.
From the TA perspective, you can see that all monthly, weekly and daily prices are trailing well below the 8 EMA on each chart. The other indicators need to show some bullishness, that is lacking for now.
At least two strong green candles closed above 20 EMA line should happen before I consider the first sign of a rally off the bottom.
In my weekly analysis, I expected that BTC trades this week within a range between $36k and $32k with many abrupt see-saw moves. So far, as forecasted.
Tomorrow, if BTC closes:
– above $33.3, at least a short term rally should be underway;
– below $33.3, expect further horizontal or slowly down moves.
The long term perspectives and the chart can be found in the Monthly Analysis by the link below.
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