š„š„THE MARKET REVERSAL IS AROUND THE CORNERš„š„
The recent downtrend is finally coming to an end with indications of the bottom on most of the timeframes.
5 TECHNICAL REASONS FOR MARKET REVERSAL šš»
ā Bitcoin Breakout from Falling Wedge Pattern:
Bitcoin is showing signs of breaking out from a falling wedge pattern, typically indicative of a reversal in trend.
This breakout, if confirmed with a daily candle close above the resistance line, could mark the beginning of a bullish trend reversal in the short term.
ā DXY Pullback Supporting Bitcoin Price Action:
The pullback in the DXY (US Dollar Currency Index) often results in bullish price action for Bitcoin.
Currently, the DXY is experiencing a short-term pullback, which historically correlates with bullish movements in Bitcoin, potentially signaling a reversal in the short term.
ā Confirmation of Bullish Divergence in Bitcoin RSI:
The breakout in the daily Bitcoin Relative Strength Index (RSI), followed by a successful retest, suggests a potential bullish continuation.
Similar occurrences in the past have preceded significant upward movements in Bitcoin's price, indicating a possible reversal to the upside in the coming weeks or months.
ā Bitcoin Liquidation Heat Map Signals:
The Bitcoin liquidation heat map indicates significant liquidity levels, particularly around $67.4k.
Breaking above this level could trigger the liquidation of billions of dollars in short positions, potentially propelling the price higher and signaling a reversal in sentiment.
ā Ethereum's Bullish Divergence and Support Levels:
Ethereum is displaying a bullish divergence pattern on the 4-hour timeframe, indicating a potential short-term reversal.
Additionally, Ethereum is finding support at key Fibonacci levels, suggesting resilience and a possible reversal in its price trajectory.
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DYOR for financial actvities. NFA.
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