Hey Friends
So as all of you probably know by now, Bitcoin had a nice pump last night that lead it towards the previous highs around 6800. With the recent action in BTC being primarily bearish, I'm sure it was a great surprise for bulls today to see BTC trading above 6600 once again.
Although the bulls haven't broken previous highs yet leading to continuation, things are looking bullish based on TA.
BTC formed an intermediate term low with two surrounding higher lows on each side. Then proceeded to form a few more subsequent higher lows on it's ascent. In addition, BTC doesn't have much in the way of nearby resistance to stop it on high time frames, besides a HVN(High volume node) which it currently is hovering by.
I'm also seeing the Inverse H&S pattern on HTF that would be confirmed with a break and close above the neckline at approx. 6756. Although most technicals are in favor of the bulls, we are signalling very overbought conditions on the 4 HR time frame based on the RSI. There is also a few bearish divergences on the 1 HR time frame to account for a short term pullback. In my opinion, we should see a slight pullback to cool off the RSI indicating another buying opportunity for aspiring bulls to get in on the upcoming action.
If we do breakout above the previous highs and see continuation then that will confirm a short term trend reversal from bearish to bullish.
Looks exciting for the days to come for the bulls:)!
Get ready for some major trade opportunities!