Yesterday I told you about the possible local bounce to the upside very soon, but what do you think if I tell you that the bear market on the Bitcoin will end very soon?
Let’s take a look at the weekly timeframe for BTC at the WhiteBit exchange. For me the bear market started with the strong bearish divergence on the weekly timeframe. It is an extremely strong signal. Unfortunately, at that time I studied a very useless trading book and tried to anticipate the Elliott waves, ignored this bearish signal, that’s why the January month was losing for me. As you can see after that signal the BTC is in downtrend for half of a year.
Now we can see that the price is forming the potential strong bullish divergence with the MACD. It can be the nice evidence for the new bull cycle start. If the signal will be flashed next to trendline or Fibonacci zone 27 it would be the nice long entry point confirmation. Here I am going to buy Bitcoin with my full deposit. Let’s wait.