Hi everyone,
Yesterday I mentioned that we are still Bearish Bitcoin, as I said this whole week.
- We are still in a wedge and the price is still consolidating in a narrow range
However, looking at other altcoins, like Polkadot (as shown in the chart), it is entering a new range with a big momentum green candle after retesting the last resistance from the upside and turned it into support (flip pattern).
So, are we bullish or bearish?
The answer for this question is that we are bullish in the short-term, and midterm. Since we have not closed above the 200 weekly EMA for Bitcoin, I still believe we are in a long-term downtrend, and all these bullish moves are Higher Timeframe pullback.
Please comment if you have any questions, I will try my best to answer them.
Yesterday I mentioned that we are still Bearish Bitcoin, as I said this whole week.
- We are still in a wedge and the price is still consolidating in a narrow range
However, looking at other altcoins, like Polkadot (as shown in the chart), it is entering a new range with a big momentum green candle after retesting the last resistance from the upside and turned it into support (flip pattern).
So, are we bullish or bearish?
The answer for this question is that we are bullish in the short-term, and midterm. Since we have not closed above the 200 weekly EMA for Bitcoin, I still believe we are in a long-term downtrend, and all these bullish moves are Higher Timeframe pullback.
Please comment if you have any questions, I will try my best to answer them.
