Today’s closure is bullish. If it closed a little higher, the odds would be stronger. But they are bullish now and this is important. Let’s explore details from different perspectives.
The daily pattern is bullish and has about 60% probability to continue upwards.
So far, the price was not able to break above 8 EMA. Until $BTC closes above 20 EMA, this little rally off the possible bottom could be fake.
The weekly and monthly candle formations and indicators continue to put a bearish pressure on the daily and every smaller time frames.
Odds: Cautiously Bullish
The possible bottom I identified yesterday and the wave off the bottom continue to be my primary counts. The motive waves 1 and i were almost ideal from the EW and Fibonacci levels perspectives. The prospective road map is below.
1. Expect $BTC to continue to advance towards $33.6-34k in a motive fashion as on the chart.
2. If $BTC cuts the rally and breaks below $31062, the setup will be invalidated.
I am planning to update daily on changes after the closures, as usual.
The long term perspectives and the chart can be found in the Monthly/Weekly Analyses by the link below.
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The Possible Bottom Call:
Previous Monthly Analysis: