| BTCUSD | BULLISH INDICATORS IN THE SHORT AND LONGER TERM!!Good day all.
BTC is currently showing many bullish signals along side the BTC spot ETF news, which is currently in regulatory review but has more or less been approved by the SEC. This news alone is revolutionary for the market, however, we have not seen close to the gains one would expect out of this news. some would say it is due to the the XRP win over the SEC which has taken all the hype from this statement, however, I do believe this is accurate to an extent, but there are other forces at play here. I do feel the asset class is being suppressed for accumulative purposes, which in turn will eventually result in a spring effect which can result in the prices reaching highs of 50k plus in the weeks to come.
I would like to jump into some technical to add extra confluence to the topic at hand.
The 30k level has shown to be a strong point of resistance of of late, however, this level is primed for a breakout to the bulls as we have found a clear formation of a cup and handle.
Cup and handle: The pattern is currently primed for a breakout as we have found a lower time frame flag formation (bullish) at the tail end of the handle which generally is a great sign for a potential breakout. if this prediction comes to light we should see a generous move to the upside aided by the additional news as of late which strengthens the case. short term levels can find itself retesting or even breaking the 35k mark in the days that follow the breakout. Longer term predictions can result in the 45k level of resistance being tested before a major retracement is found.
EMAs: I am using the 18 and 100 EMA indicators for my analysis. As you can see the 18 has just crossed over which is a great signs for the bulls as it signals a trend reversal from consolidations into an uptrend which also falls in line with the cup and handle as well as the ETF news.
There is growing suspicion in the market at the market regarding the consolidation of price during such a pivotal time the Crypto history, however, one can only speculate the reason. All i can see from my opinion is the market is properly primed and ready for a break as the narrative has shifted so suddenly.
Thank you for your time here today, please feel free to like and comment if you found this article helpful to add extra confluence to your existing analysis. be safe and enjoy the bull market while it lasts.
