While sentiment certainly moved to a bearish extreme at the beginning of last week, Bitcoin managed to put in a higher low relative to its early November low:
Chart of Bitcoin with weekly candlesticks, bullish hammer reversal candlestick last week with price rising above support/resistance near $8500 this week. Potential for bullish ‘confirmation’ this week. Next resistance levels near $9200 then $10,000. Decline back below $7800 (on a closing basis) would negate last week’s ‘hammer.’
A higher low with a large bullish hammer reversal candlestick laid against a backdrop of extreme bearish sentiment is a positive sign if i’ve ever seen one.
DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.