🔥 Bitcoin Reverses After Perfect Re-test: Is It Enough?
A while ago I made several analyses on BTC where I discussed the potential bear-flag, and the huge bearish trend line that we recently broke out of.
Bear-flag:
Re-testing trend line:
Around two weeks ago I noted that there was a probability for BTC to have to re-test the bearish trend line before it could continue the bullish reversal. As of yesterday, we have made a PERFECT re-test of said trend line and are bullish ever since.
Will it be enough? For today and potentially the coming few days, yes. However, We should still be very wary of the overall market structure, which is still bearish. Furthermore, we have a lot of risks in the market with inflation and war. Before we can get any meaningful bullish price action, the macro outlook on the world economy has to get better first.
Happy trading!
Bear-flag:
Re-testing trend line:
Around two weeks ago I noted that there was a probability for BTC to have to re-test the bearish trend line before it could continue the bullish reversal. As of yesterday, we have made a PERFECT re-test of said trend line and are bullish ever since.
Will it be enough? For today and potentially the coming few days, yes. However, We should still be very wary of the overall market structure, which is still bearish. Furthermore, we have a lot of risks in the market with inflation and war. Before we can get any meaningful bullish price action, the macro outlook on the world economy has to get better first.
Happy trading!
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