Friends, we want to congratulate you not only on the beginning of summer, but also on the positive closing of the monthly candle $BTC Bitcoin.
The previous monthly candle closed, almost blocking the entire previous red monthly candle, thereby forming the Clearance in the Clouds candlestick pattern.
Moreover, such a price rebound occurred from long-term moving averages, which only strengthens the bullish signal for Bitcoin and the market as a whole.
Also, pay attention to the volumes of mainly purchases, which are growing at a breakneck pace.
🔍 On the daily timeframe, Bitcoin finally began to show a positive picture.
For 2 whole weeks the price has been rubbing near the upper border of the side channel, which has taken the form of a bullish flag pattern (we have written about this bullish flag many times before).
Moreover, the price is already completing the formation of a local Triangle pattern right at the upper border of the bullish flag.
Moreover, this local pattern is confirmed by an extended bullish divergence.
The funny thing is that the number of shorts in the market continues to increase, as can be seen from the funding.
People have already stopped believing in the continuation of the bull market and decided to become fuel for the upcoming upward impulse.
🩸 In the worst case, if the local Triangle pattern is broken out, the price will drop to a maximum of $64,000-65,000. We no longer expect a lower price, since the medium-term upward trend and long-term moving average are in this area.
Please note that a week ago this trend was around $62,300 and every day the potential for Bitcoin to fall is getting lower and lower.
All signs of a price squeeze are visible on the chart, and here a spring effect can work, which will lead to an impulse increase in the price of Bitcoin.
In our opinion, growth will begin at this maximum next week.
🔥 Now let’s move on to the most important, fundamental fact in favor of the start of market growth. All technical analyzes and so on are secondary.
Few people understand that the most important thing for growth is liquidity. There is no liquidity - the market is falling, there is liquidity - the market is growing.
Below are liquidity charts for the USA, Europe and China - the main liquidity providers in the world.
It is difficult not to notice that the printing of new liquidity in the market has again resumed at a high pace, which inevitably and always leads to growth.
If this is not enough, then look at the buyback chart (repurchase of shares by the companies themselves), which also shows an active increase in the flow of liquidity into highly capitalized US securities.
🤟 Did you like the review or want to better understand cryptocurrencies and technical analysis?
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