Bitcoins rallied the past couple days after touching off of the 0 FIB Level or 29K, as we notice we have been in sort of a slight descending channel or wedge and we have been moving sideways pretty accurately in this wedge. We definitely got a bit of room to run here potentially to the top of the wedge or aprx 34-35K. we could see a blast through but that would be kind of unlikely due to our current mini bear market or strong bear trend. One negative indicator i have been talking about recently is the EMA Ribbons we are starting to see the ribbons fully spreading out more and more bearish. the longer this goes on the longer the bear momentum will stay. Ideally we would like to see the ribbons start to compress again and start the whole process of turning back bullish, i say this because it doesn't happen overnight and can be a longer time frame switch. One of the best indicators for BTC in my opinion the.. Hash Ribbons, these don't print very often at all but when they do they do not lie, you can see this by backtesting yourself. right now we are in capitulation like we were recently and we are now looking for that "BUY" signal, we didn't get the signal last time obviously because the market wasn't ready but now this is a top inidacator that i am watching, usually after getting a buy signal we see huge bullish explosions over a longer TF not in a day, but for example a weeks or two weeks time. Not financial advice just my opinion!
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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.