Marketvision Looking LONG BTCUSDWe have multiple "early bullish" signals, those that are waiting for confirmation and also some confirmed ones... Let's have a look at those.
Bitcoin ( BTCUSD ) is moving weekly above EMA10 (green) and EMA50 (magenta). This signal is only confirmed once the weekly candle closes above $44,222.
We have a test of EMA100 as support and it holds, this signal has already been confirmed.
After testing EMA100 we get a price bounce; more on this below.
Finally, we a have a broken downtrend just as it happened back in May/July.
Now, for the general view we are bouncing off a correction before one last low, but this can change, how?
The whole ultra bearish scenario is being perpetuated by certain political institutions and their influence on the market.
If this institutions decide not to raise interest rates but instead resumes buying everything within the markets while keeping rates low, Bitcoin and Cryptocurrency is very likely to reverse and continue straight up.
But if the intended hikes are implemented, we can see the effect as one last, massive, final drop.
Whatever happens, be prepared, be ready... The volume has been very low.
