BTC looks bullish printing HH and HL
BTC/USDT
1W/1D Charts
BTC showing signs of strength since the initial tap of weekly demand and the CME gap/supply to demand flip. High volume bottom with pin bar rejection wicks on the low and the HL showing buyer presence. Market structure has changed bullish here with the new formation of a HH and HL with massive marubozu candles to the upside on the daily chart showing little selling pressure so far. We mitigated the 1w and daily supply zones to the left which failed to put in a new lower low so the high in my opinion becomes targeted.
Broken out of of the major downtrend resistance and retested perfectly. RSI daily also showing breakout of the RSI downtrend which resulted in a sustained move to the upside when this last occurred in July. MACD on weekly also converging and looking bullish from a HTF perspective.
Marketcipher red money flow wave coming into the last 3/4 with smaller trigger waves showing the increasing momentum and money flowing back into the market as like with July bottom, good long indication.
Market looks good for a continuation to the upside here which the rest of the market will follow. The other option is we create a range between the high and low and range for a bit and may cover the lows again. Can’t say for certain but other factors suggest to me this could be the start of a new uptrend.
1W/1D Charts
BTC showing signs of strength since the initial tap of weekly demand and the CME gap/supply to demand flip. High volume bottom with pin bar rejection wicks on the low and the HL showing buyer presence. Market structure has changed bullish here with the new formation of a HH and HL with massive marubozu candles to the upside on the daily chart showing little selling pressure so far. We mitigated the 1w and daily supply zones to the left which failed to put in a new lower low so the high in my opinion becomes targeted.
Broken out of of the major downtrend resistance and retested perfectly. RSI daily also showing breakout of the RSI downtrend which resulted in a sustained move to the upside when this last occurred in July. MACD on weekly also converging and looking bullish from a HTF perspective.
Marketcipher red money flow wave coming into the last 3/4 with smaller trigger waves showing the increasing momentum and money flowing back into the market as like with July bottom, good long indication.
Market looks good for a continuation to the upside here which the rest of the market will follow. The other option is we create a range between the high and low and range for a bit and may cover the lows again. Can’t say for certain but other factors suggest to me this could be the start of a new uptrend.
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