I posted a BTC/USD analysis lately, and the dynamics of the trade have changed now, hence I am eager to update this idea.
At current, price is trading at 7110, supporting on the 20 moving average, and the 20 moving average is below the 50, suggesting a legitimate crossover move that will be inviting for bulls.
Price will now likely test the moving averages and use them as a new support level. If not, there's a slightly lower level at 6440 (The previous swing low) where price could go before the up swing. This, with the fact we have a minor structure support , we could see price go to the upside target at 8890.
I am expecting Bitcoin to come out of the down turn soon. And there is very early signs that the trend is changing.
Bare in mind, thatI am predicting a longer term bull presence.
I will update this analysis when I receive above 40 likes.
@TomProTrader, , I appreciate this, thank you. Just a small hint: check out few small and one huge H&S formations some of them activated already. Than follow fundamentals which are not positive at all. We are going dip, one more time at least.
Cheers
davidtrading50
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" And there is very early signs that the trend is changing."
What are they ? Could be very interesting to notice it please.
TomProTrader
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@davidtrading50, These gradual higher lows are showing good trend sentiment. Let's hope they continue and eventually we will get the breakout.
davidtrading50
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@TomProTrader, Thank you for your answer. And for your works here by the way.
We are going much diper