The other day I was not wrong... I hope you keep in mind and remember DYOR 🔥💪🏽
1. Current Price: BTC is at $59,005.68, down 2.96% in the last 24 hours.
2. Parabolic SAR: The Parabolic SAR, represented by the yellow dots, has started to move below the candles, indicating a possible reversal of the bearish to bullish trend in this time frame. This is a positive sign for a possible start of an uptrend.
3. Stochastic RSI: The Stochastic RSI shows that the K and D lines are at very high levels (K: 76.58, D: 67.66), indicating that the price is in the overbought zone. This could suggest that although there has been a recent bullish movement, there could be a short-term correction before it continues to rise.
4. Volume: Volume has increased significantly over the past few hours, which is a sign that there is interest and strength behind the current move. An increase in volume during a potential trend reversal is an important confirmation signal.
5. Moving Averages (MA5 and MA10): The MA5 is above the MA10, indicating a recent bullish crossover. This is another sign of a possible start of an uptrend on this time frame.
Conclusion:
**Decisive Momentum:** Although there are positive signals for a possible start of an uptrend (Parabolic SAR below the candles, bullish crossover at the moving averages), the Stochastic RSI indicates that the price could be overbought at the moment. This means that although we could see a continuation higher, there is a risk of a small short-term correction before the bullish move gains more strength.
**Recommendation:** If you are considering entering a bullish position, you could wait for a small correction or use a tight stop-loss to protect yourself against possible short-term downward movements. However, if the volume remains strong and the price stays above current levels, you could be in a good position to take advantage of the start of an uptrend.
i feel another 📈 soon
