A Bitcoin idea for the Bulls!

BITCOIN

MonoCoin Signal

6/12/2022 1 min read

It has been around 2 months since Bitcoin's price is descending, which is new to the history of cryptocurrency. I think Bitcoin should go down to fill the gaps for a better and healthier market and more substantial ascending moves. Yesterday I posted a chart about Bitcoin's dominance and how the market liquidity is entering Bitcoin while Bitcoin is sitting on support in the 28K area.

I realized the EMA 200-Week is right where the price is after, and this is the first time this has happened since 2020. It can hint that the market might reverse its move to a new ascending channel . I have checked other indicators as well. For example, RSI shows that the market is around the oversold area. Not oversold, but close to it. This is a bullish hint! Another indicator is the Bollinger Bands . Look at the chart; you can see that the lower Bollinger Band now has a tie with our price candle. This also is a bullish hint! Now let's say this idea is correct and accurate. I have set three resistance levels on the chart in three different colors based on their strength. Those levels can be counted as our targets in a bullish scenario.