BTC Weekly - Is the bottom already in? (May 2 - May 10, 2022)

10 במאי 2022

TREND:
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TLs 1: Broke below the UPC01012022
TLs 2: N/A
EMAs: Broke below 100EMA. Good enough distance with the 50EMA. This usually indicates as relief rally.
MACD: Created a LH with bearish cross. Still have not broken below the previous low. If we get a green week, this will be possibly a DB. A very strong reversal pattern
MACD DIVERGENCE: Bullish hidden div

OVERBOUGHT/OVERSOLD :
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RSI: Not fully oversold and broke below the previous LL to create a new LL. The current push up is indicating the retrace to create a LH
DIVERGNECE: N/A
Stoch: Had a bearish cross to create a LH
Stoch Div: Showing early signs of bullish div. This is a Long shot, will be confirmed after a couple of weeks

VALUE AREAS:
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Fib VA: Got into the red zone of bearish fib. A green here usually is a long entry, indicating a relief rally
VAs: Trading around 32450 VA

OUTCOME:
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We can possibly get a multi-week relief rally provided we get the DB on MACD and if Div of Stoch plays out. However, lets not call it a full reversal yet since we have so many factors to turn bullish first. Right now is a very good time to long the alts and hold, don't jump on the already pumped coins. Just wait for a retrace and enter accordingly.

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