Bitcoin Posts a Buy Signal

 It has been some time since I have published an article. My excuse is that apart from US debt ceiling discussions, not much has happened with US equities & cryptos. 

    Nonetheless, upon looking a second time at the chart of Bitcoin, I have realized how a classical textbook bullish signal might have been posted on the charts. 


In fact, Bitcoin has, since its recent highs, slowly corrected down to exactly touching the 200 SMMA and carefully getting rejected at that level. 

Not only is that a classical bullish move, but the fact that Bitcoin's price increased much after getting supported by the line is a possible indication that Bitcoin might be set to possibly rivisit or break through the recent highs of $30'500. 

What I also like about this chart is that Bitcoin's price denied a head-and-shoulders formation that had been forming since March. A second possible indication that price might have been able to hold strong downward pressure from increasing selling volumes. 

Lastly, the large move that Bitcoin posted yesterday +4.5%, seemed to leave the Fear & Greed Index in the neutral zone nonetheless. 

This index acts as a contrarian indicator, so the fact that such a large move was unable to unscathe the indicator, might be an indication that the bullish trend is set to continue until the indicator becomes filled with greed. 




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