Three reasons I’m bullish on BTC

Three reasons I’m bullish on BTC

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With the halving event well behind us the mandatory “downfall” of Bitcoin seems to be limited this time around.

Bitcoin’s 7% drop at the beginning of the week was a welcome retracement and gave us a nice opportunity to buy some cheap satoshi’s. However, a further retracement seems unlikely. That is of course based solely on TA and could very easily be invalidated by more US-fueled turmoil.

Nonetheless, it’s a fool’s game to take into account such unpredictable events. Therefore let us stick with the charts.

The first sign that shows bullish momentum is the yellow ascending triangle pattern that has been forming since the COVID drop , early March. The 7% drop at the beginning of the week broke through the diagonal, but price quickly recovered .

Inside the ascending triangle we can see a smaller, more recent pattern forming: a descending wedge (lightblue). A retest of the support line could happen, but is rather unlikely because that would mean a close both below the daily support level and the support line of the ascending triangle .

Lastly, the MACD looks to be curving up, which usually spikes a nice rally in price as we can see here in mid March as wel as mid April.

Published at Sat, 30 May 2020 08:39:19 +0000

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