Just 4 days ago, BTC printed a bullish fractal reversal signal on the 1 day chart and then hit a lower low (does NOT invalidate the pattern but may suggest a bit more momentum is necessary). Today, on the 8HR chart, BTC printed a dragonfly doji that is marked with the large green arrow. Also, the OBV is showing to have just crossed up above it’s 13 EMA. In my honest opinion, the market looks to be gaining a significant amount of, what is very similar to, elastic spring energy; the type of energy that is stored in a compressed spring. I realize people are calling lower, and I won’t say they are wrong. I will say that while price action may lead one to see a continuing bearish trend, market indicators; the visual representation of market internals, suggest that the market has the desire to move up with some significant strength. This is not a guarantee and I could be horribly wrong, but what I’m seeing has me on alert for a surprise bull takeover. Leave some feedback in the comments and share your thoughts. The coming days will paint a much clearer picture. I do hope that this has added value to your perspective!
Best regards,
T. Savant
Best regards,
T. Savant
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My thoughts on our beloved BTC :D
