๐ฑBTC- local bottom most likely in, overview
Keep in mind that the whole move is considered to be a bearflag which in theory should lead us to believe we're going to break down eventually
But in my opinion the accumulation at lows is way more apparent than distribution at highs. Notice, that the two previous wicks at the bottom were immediately bought back causing rapid recovery, while tops have been rather slow, tapping resistance twice. That gives some hope, but then hope isn't really a technical indicator ๐
A few things to look out for:
-Monthly candle closed below 20EMA for the first time since idk when (bad)
-Bottoms and tops usually don't form on weekends (nyse down)
-Wednesday 4th FOMC rate hike announcement (expected 1%, most likely already priced in by the market)
But in my opinion the accumulation at lows is way more apparent than distribution at highs. Notice, that the two previous wicks at the bottom were immediately bought back causing rapid recovery, while tops have been rather slow, tapping resistance twice. That gives some hope, but then hope isn't really a technical indicator ๐
A few things to look out for:
-Monthly candle closed below 20EMA for the first time since idk when (bad)
-Bottoms and tops usually don't form on weekends (nyse down)
-Wednesday 4th FOMC rate hike announcement (expected 1%, most likely already priced in by the market)
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