After a major retracement in the recent weeks, and particularly yesterday, we look at BTCUSD Weekly chart here for the longer term outlook.
From the weekly BTCUSD chart, the system Buy signals are robust, and is still in force. However, prices retreated ~30% or more yesterday, and it temporarily bounced off the 55EMA. The candle stick pattern for now is favourable towards a bullish bias, but there is 3 days more to close the weekly candle. Now, although the MACD and RPM are pushing down, BTCUSD bounced off the confluence of several support levels. The coming weeks would confer confirmation of the upside...
Meanwhile, the Volume increase is reminescent to previous start of a major bull run type of thing. A very early indication of a major bull run, and yet warning of volatility in the days to come.
Do your own due diligence, have an idea, decide what to do.
Nonetheless, long term uptrend appears to be still intact IMHO.
From the weekly BTCUSD chart, the system Buy signals are robust, and is still in force. However, prices retreated ~30% or more yesterday, and it temporarily bounced off the 55EMA. The candle stick pattern for now is favourable towards a bullish bias, but there is 3 days more to close the weekly candle. Now, although the MACD and RPM are pushing down, BTCUSD bounced off the confluence of several support levels. The coming weeks would confer confirmation of the upside...
Meanwhile, the Volume increase is reminescent to previous start of a major bull run type of thing. A very early indication of a major bull run, and yet warning of volatility in the days to come.
Do your own due diligence, have an idea, decide what to do.
Nonetheless, long term uptrend appears to be still intact IMHO.
