I think the market has lost a lot of its enthusiasm and we may see Bitcoin entering a nuclear winter. If we start breaking resistances - we may start gaining momentum, if we don't and the damage done was too great, the recovery may be slow and painful.
If we manage to stay around the current Fib level and break the nearest resistance the outlook should be positive, if we stay under we will go further down. Even the RSI is hitting a resistance and MACD is far from positive but the reversal should come eventually - the longer term trendline should act as a pretty strong support.
If we manage to stay around the current Fib level and break the nearest resistance the outlook should be positive, if we stay under we will go further down. Even the RSI is hitting a resistance and MACD is far from positive but the reversal should come eventually - the longer term trendline should act as a pretty strong support.
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The current stage of BTC cycle looks an awful lot like ETH about half a year ago.
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Therefore I'm expecting a harvest time in the summer.
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The daily chart looks, well... still not good. I mean we attempted an attack on the first resistance and understandably there was a small sell off there. Now we're at a pretty neutral level and I -think- that we may attempt another attack on the resistances. I mean - we picked up nicely from the bottom and the likelihood of going so low again seems distant. Yet again we're in a descending price channel, so we're far from really bullish.
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Bitcoin doesn't look any different than it did in 2013/2014. And with Tether being the second Mt Gox in the making, I think I know where this is going.
