"Bitcoin is showing bearish signs in the 1Hour time frame", the bear team is spreading FUD for the whole crypto sphere to hear. They're hustling in the hopes of defending their shorts from liquidation.
But let's be reasonable, do they have basis to claim that there will be a major BTC dump? 🤔Let's dig deeper.
1. The 1hr time frame is a weak time frame and it often yields to higher time frames. If a higher time frame says otherwise, the 1hour time frame is often invalidated.
2. The 1hr time frame is useful tool for day trading, but not so when you're up for a long term hold. It can foretell what's going to happen within the next 6-12 hours only. Hence, use a stronger time frame if you'd like to know what will happen the next day and beyond.
So what does the stronger time frames say about BTC?
1. The daily time frame is outright bullish. A bullish inverted Head and Shoulders pattern has formed. Neck line is broken and price action has slumped back, seeking its ultimate support. Upside target is huge. It's 84k.😎 Chart below.
2. Daily KDJ oscillator has detected FOMO volume at 71k, meaning price will go back to 71k and beyond in the comming days.
The only thing that can invalidate the daily time frame is the weekly and monthly time frame. So what does the weekly and monthly timeframe say?
1. Weekly and monthly chart has been looking bullish for weeks and months now. A huge double bottom has long been formed. Upside target is 107k. Bigger target huh🤔🤣👀.
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BTC daily chart below.
