Hi guys! The situation on the market as a whole is very interesting, there is a stubborn fight between bulls and bears. Therefore, I decided to look at the chart locally to see where we are.
The intraday picture is very clear - we have before us the most classic bullish divergence, which indicates the weakening of sellers, which can also be determined by the decreasing sales volumes. I think, here and without words it is clear that today a huge number of bulls have been liquidated and now the reaction of the buyer should be expected. I would like to note one more thing: sellers exhausted before reaching the key $50,000 mark, which is good in general, but at the same time a little alarming. IMO this is market manipulation to shake out the weak hands. Also large amounts of BTC outflow from exchanges indicates that big money is buying out all the dips.
Bottom line: I continue to adhere to my forecast and see a completely logical rebound up. Either it will happen through a final test of $ 50,000 and an impulse breakdown of this level (probably with a large wick), or we will do without it. In case of a return above the trend line, a possible inverted H&S pattern would be printed and it would be natural to continue the growth towards the resistance area $57000-59,000, which I prefer. Again, so far nothing critical has happened we are in bull trend. In case of daily closure below $51000 the bearish scenario could be in play. I will keep you updated with the situation.
Always do your own research, always respect the risk management, always respect the money management, always make profits!
