BTCUSD | Bump & Run / 50 Week MA / EMA Ribbon Breakout
Btc looks to be having a bump and run pattern playing out. It also just had its first weekly candle close above the EMA ribbon which has signalled the end of the bear market in the last two crashes. On top of both of those, the 50 week MA line could be becoming support.
Although there are some very bullish indications, there are also bearish divergences on the RSI and the NVT and stoch RSI seem to indicate a pullback.
There is strong evidence to go either way.
I think we will carry out the bump and run to test the resistance zone around 6200ish and then pull back without breaking the zone. Hopefully, the RSI and NVT are able to get themselves in position to allow for a break of the zone on the next test to solidify the case that we have actually begun the bull market.
I am no financial advisor and don't like to post publicly, but would love to hear some opinions to get a feel of what the sentiment is like in the market. Thoughts?
Although there are some very bullish indications, there are also bearish divergences on the RSI and the NVT and stoch RSI seem to indicate a pullback.
There is strong evidence to go either way.
I think we will carry out the bump and run to test the resistance zone around 6200ish and then pull back without breaking the zone. Hopefully, the RSI and NVT are able to get themselves in position to allow for a break of the zone on the next test to solidify the case that we have actually begun the bull market.
I am no financial advisor and don't like to post publicly, but would love to hear some opinions to get a feel of what the sentiment is like in the market. Thoughts?
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