It might be still too early to call BULLISH on BTC , but look how price action tells the story. I wrote about a possible fake-out yesterday and that bouncing from lower line (previous lower-low) would signal a double bottom pattern. The double bottom means we are changing the trend direction – turning us in favor of bulls from here.
Why it might be too early? Because we did not yet break above last high of $39,174.
At current level we are still in bearish trend and RSI in overbought zone is not in bulls favor, while also 50 EMA is still below 200 EMA .
Good news on the other hand is already mentioned double bottom , coupled with price trading above 200 EMA . These can be early signals of trend change, coming together with FED update on interest rates later today. The assumption is that rates were already priced into this last dip of stocks and crypto.
We will need to see what the reaction of markets is going to be on the news of interests rates increase – and the increase is coming without a doubt.