First, the good news is that we have a higher low and a strong recovery in place. The current candle has a long lower wick and is already trading green, at the top of the session.
The second good news is how far down the retrace went. Last time Bitcoin bottomed around $100,300, this time the bottom happened at $102,660. This is an early signal of course because the week is not yet over. It can happen that prices move higher today and tomorrow they move back down, crash on Sunday and we get a bearish close. But, looking at short-term price action and other altcoins, also the volume—notice the volume—we can say that the retrace is over and we are set to experience immediately additional growth.
The volume is the most revealing signal right now.
The drop had no volume compared to today. Today's session has more volume than the last three red-days combined.
Another signal to consider is the amount of over-leveraged gamblers that were liquidated, a total of 1 billion dollars. When this much greed is removed from the market, there is no need for lower prices.
I will call it early, the retrace is over. Time to go bullish again.
Thanks a lot for your continued support.
I will show you several more altcoins that are also looking ready to grow.
Namaste.
#CardanoDebate #IsraelIranConflict #BinanceHODLerHOME #TrumpTariffs #CryptoRoundTableRemarks