Hi Friends, let take a look at the Bitcoin market vs the US Dollar.
As we can clearly see we find ourselves in the 3rd bear flag on the 1day candles and the market is responding with a bit of uncertainty.
As we mentioned previously we are bullish should Bitcoin stay above $8400, even though we are in a bear flag situation we also have the possible formation of a diamond bottom on the chart.
We have a clear divergence on the chart which could lead to a breakout on the top side, however volume is very low and we could see a retest of $8400 before the market pushes higher.
We have many contradicting signals and indicators on the charts and in situations like these I would search for fundamentals that could tip the scales.
The momentum is clearly shifting in favor of the bulls on the longer term, but there is still pressure from the bears on the shorter term.
If the bulls defend the $8000 – $8400 zone I would expect the market to test 10k this week, however if $8000 fails we will mostly revisit the lower part of the channel again.
Expect some fomo to start should the markets consolidate above 10k. Safe trades, remember to come hang out with us on Discord and stand a chance to win 2 BCH. Safe trades.