A few very bullish things going on at the moment...we are about to close the weekly candle as a confirmation candle well above the giant descending triangle pattern we've been forming all year which if so will likely trigger the breakout. We are very near the apex of that pattern so a breakout now would not be unexpected. If we do breakout here then we have essentially formed a double bottom on the weekly chart, and the breakout target is still in the 14k region. Another very encouraging bullish sign is that on the 1 week mac d chart you can see we have finally for the first time this year had a bullish crossover when it comes to the weekly chart. This is coming after many long days of sideways movement which could very likely have been the purgatory stage before coming back around again to a bull market. We also see a huge spike in Shorts right now and also some of the biggest volume we have had in a while(bearish volume at that) and yet with all that bearish volume the price action is maintaining itself inside the current bullflag...makes me think some serious whales don't consider this a current top at all but possibly consider that the bottom is in. The other 2 big bullish signs is the golden cross that recently occurred on the 4hr chart and the 1 day golden cross that seems like it is currently on target to occur at the end of September as long as we can stay above the 1 day 50ma which has been holding very strong support recently. One other bullish sign is that we have once again achieved a higher high when we spiked into the 7.4k zone and can now continue our higher high higher low series by following it up with a higher low of 6.8 or higher...being that we have closed 5 consecutive 1 day candles above the 1 day 50ma(buy/sell line) I think it is very unwise at this point to short or exit your position and would instead recommend if a downtrend does occur to simply buy the dip until you start to see a lower low or lower high formation. Of course being that this is not financial advice I actually not recommending you do anything but make your own decisions. Good luck and thanks for reading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.