BTC - We may finally be breaking the down trend
Bitcoin may finally be starting a bullish trend again.
Prices have been in a pronounced downtrend for what has seemed like enternity.
In reality, the downtrend has only lasted from middle of December until middle of August, about 8 months in total.
However, as you know, 8 months can sure feel like an eternity in cryptocurrency land!
Things starting to look up.
If you look at a daily chart chart, you can see that bitcoin has finally garnered a bit of momentum.
The MACD had a bullish cross from an oversold conditionn recently, which is exactly what you want to see.
It still has plenty of room to the upside as well:
If bitcoin follows a similar pattern to what happened in July, we could see the MACD move all the way up to the 400 range again.
Where are we going from here?
That is the 64 thousand dollar question!
In the short term there is pretty clear skies to about $7,600 area.
If we can bust through that, $8,500 may be in play before things start looking overbought.
Regardless, this current move looks different than previous ones.
It is slower in development, which means it may have more staying power.
Which kind of move would you prefer?
Move #1 or move #2?
A slow grind higher has a much better chance of holding the gains than a fast energy surge moon shot.
We saw this play out in early 2017 compared to what has happened thus far in 2018.
Stay informed my friends.
Image Source:
https://siliconangle.com/2018/05/27/cryptocurrency-press-goes-meltdown-bitcoin-trademark/
Follow me: @jrcornel
What have to happen - will hapen. Will we see a new ATH this year ? You bet ! Bet your precious bitcoins. Put your money where your mouth is . This is my msg to all the sceptics on this planet.
It's possible, though we are quickly running out of months.
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Yep look like we are in the right way up again
Nice rally so far! 👍💰👍
Yep, now it just needs to hold.
It will moon soon!
Looking very bullish, I'm excited
Thanks For Updating it will be a relief for the holders😂
Keep Updating sir.
Please Go through my
profile and see the post about OMG also put your thoughts over it.With A price prediction🙏❤️
Just needs to hold $7k for a bit and we should be set up nicely.
I'll go with move #2 because there's no decline in it. With that move, it's definitely not gonna fall to reach the level its started. Great analysis @jrcornel
Slow and steady wins the race!
True¡
Great new for the whole crypto space!
I prefer slow an easy so that value can rise consistent with price as the technology matures and adoption increases. However, volumes are somewhat lackluster for breakouts and the use of leverage will make traders manipulate moves and volatility. We are truly at a crossroads so we will soon know.
The introduction of Ether CBOE futures may also help. People will be able to short ether instead of just bitcoin. I would expect that alleviates some of the short pressure on bitcoin. We will see.
I agree and during the slower ascension I would like to see more scaling solutions implemented, otherwise once the market reaches heights we saw last year/Jan the transaction costs will be out of control again and then we will have the constant FUD (probably justified) about how the technology is overvalued relative to utility.
That is a very good point. We definitely need the tech to be advancing if we want to hold more of the gains the next time.
Lets just hope for the best :)