Bitcoin has taken a pummeling from Elon lately.
There's a few ways to look at this chart. There is a bullish case and a bearish case to be made.
For the bulls.
-2017 had many touches of the 20 WMA and it wasn't over until we closed below that significantly.
-Yearly Vwap has held so far. Twice.
-The on chain metrics are not yet showing large inflows into exchange
-The richest man in the world is fudding us with low quality arguments at support.
-Weekly Ascending Triangle
-"Too many apes not enough bananas"
For the bears
-Daily chart looks like some kind of distribution
-Weekly momentum is completely gone.
-Weekly MACD cross (usually a bearish signal in the past with Bitcoin )
-Very clean and untested support at ~38k.
-Dogecoin is literally sucking money out of other markets. It's truly maddening. Bitcoin lately has had a fairly decent inverse correlation once it started passing 40 cents. Hopefully some of the new dogecoin elite wealth moves some of their new gains into real assets. Particularly since the doge/btc pair is so nice right now.
I remain bullish as long as the 20 WMA continues being closed over. The structure seems like it's going to range for a few more weeks and pump.
Lose the 20 WMA and yearly vwap and I will quickly transform into a turbo bear.
There's a few ways to look at this chart. There is a bullish case and a bearish case to be made.
For the bulls.
-2017 had many touches of the 20 WMA and it wasn't over until we closed below that significantly.
-Yearly Vwap has held so far. Twice.
-The on chain metrics are not yet showing large inflows into exchange
-The richest man in the world is fudding us with low quality arguments at support.
-Weekly Ascending Triangle
-"Too many apes not enough bananas"
For the bears
-Daily chart looks like some kind of distribution
-Weekly momentum is completely gone.
-Weekly MACD cross (usually a bearish signal in the past with Bitcoin )
-Very clean and untested support at ~38k.
-Dogecoin is literally sucking money out of other markets. It's truly maddening. Bitcoin lately has had a fairly decent inverse correlation once it started passing 40 cents. Hopefully some of the new dogecoin elite wealth moves some of their new gains into real assets. Particularly since the doge/btc pair is so nice right now.
I remain bullish as long as the 20 WMA continues being closed over. The structure seems like it's going to range for a few more weeks and pump.
Lose the 20 WMA and yearly vwap and I will quickly transform into a turbo bear.
Comment:
I think a weekly close over 60k is going to be a trigger for a lot of people.