4 Reasons of Bullish BTCUSDT
BTCUSDT has been falling for days since its major peak at 68K and the market is in deep fear after this downward movement; however, there is some evidence that the accumulation phase has begun and the signs is laid under the BTCUSDT weekly chart.
As you can see in the weekly chart, the price dips have been always accompanied by major market volumes which means the funds, whales or whatever you name them have found those prices a good entry price and the exact same thing has been happening in last previous days.
Beside the volume rush and historical warning of an up rush in price, the BTCUSDT has been bearish 12 weeks out of last 14 weeks which indicates a soon coming trend correction (upward movement during a downside trend at this case) or even a trend reversal.
The third sign that the market has high potential of price moving upwards is the RSI indicator showing figures below 30 again in weekly chart which means the market has entered a phase of over-selling indicating that it is a good time to buy !
But wait, there is a fourth sign too !
If you tighten your range of view and get into 4H chart from weekly chart, you can see a head and shoulders pattern which is getting completed by making its pullback to the neckline. this 4H head and shoulders will be confirmed again by a volume rush and this time on the right shoulder which has not happened yet and is expected within next couple of days.
The possible target for 4H head and shoulders is 25648; although, the weekly chart indicates that the price is very likely to hit new ATHs !
As you can see in the weekly chart, the price dips have been always accompanied by major market volumes which means the funds, whales or whatever you name them have found those prices a good entry price and the exact same thing has been happening in last previous days.
Beside the volume rush and historical warning of an up rush in price, the BTCUSDT has been bearish 12 weeks out of last 14 weeks which indicates a soon coming trend correction (upward movement during a downside trend at this case) or even a trend reversal.
The third sign that the market has high potential of price moving upwards is the RSI indicator showing figures below 30 again in weekly chart which means the market has entered a phase of over-selling indicating that it is a good time to buy !
But wait, there is a fourth sign too !
If you tighten your range of view and get into 4H chart from weekly chart, you can see a head and shoulders pattern which is getting completed by making its pullback to the neckline. this 4H head and shoulders will be confirmed again by a volume rush and this time on the right shoulder which has not happened yet and is expected within next couple of days.
The possible target for 4H head and shoulders is 25648; although, the weekly chart indicates that the price is very likely to hit new ATHs !
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