Bitcoin's recent volatility has prompted some in the trading community and on CT to suggest potential bearish patterns may form in the charts. If we zoom out at look at a weekly chart of price action, you can see that bitcoin broke its long term down trend from the previous bull market high, and that now Bitcoin is in a bull market.
RSI has broken down below the trend line of the most recent uptrend. This event is something to watch and may signal more trend weakness or may signal a trend toward consolidation. Consolidation leads to continuation the vast majority of the time.
There is nothing alarmingly bearish in today's chart, if anything the breakout remains solidly bullish.
Long Bitcoin.
RSI has broken down below the trend line of the most recent uptrend. This event is something to watch and may signal more trend weakness or may signal a trend toward consolidation. Consolidation leads to continuation the vast majority of the time.
There is nothing alarmingly bearish in today's chart, if anything the breakout remains solidly bullish.
Long Bitcoin.
Comment:
chart speaks for it self. I remain long bitcoin.