As we can see on the chart in beginning/mid july BTC entered into a huge Bull flag. While coming to the bottom of the bull flag we saw a small rally take place and then a clear dump.
But the trendline still held and it actually held really well with a bull hammer followed by an engulfing bullish candle.
I am skeptical of cryptocurrencies and they are mostly gambling which is why i do not trade them. You cannot figure them out and they are not tied to any other market and its just to unregulated and wild west style trading.
At one second its following the stock market the next it is following precious metals and commodities. But this bounce looks healthy and might be th start of a new impulse rally.
I have shown the impulse rally with a fib retracement as well to analyze potential resistance and breakdowns.
Pay close attnetion to MACD and RSI which are both showing a healthy reversal from this zone. I think its long term bullish and short/mid term bearish but I dont trade any more so remain neutral on crypto madness.
But the trendline still held and it actually held really well with a bull hammer followed by an engulfing bullish candle.
I am skeptical of cryptocurrencies and they are mostly gambling which is why i do not trade them. You cannot figure them out and they are not tied to any other market and its just to unregulated and wild west style trading.
At one second its following the stock market the next it is following precious metals and commodities. But this bounce looks healthy and might be th start of a new impulse rally.
I have shown the impulse rally with a fib retracement as well to analyze potential resistance and breakdowns.
Pay close attnetion to MACD and RSI which are both showing a healthy reversal from this zone. I think its long term bullish and short/mid term bearish but I dont trade any more so remain neutral on crypto madness.
