Bullish: -There's still good support of the 1D MA50. -The MACD is getting closer to the signal.
Bearish: -We're still at the mercy of the downward cross of the 4H MA50 & MA200. --------------------------------------------------------------------------------------------------------------------------------------------------------
The downwards channel we are currently in could be interpreted as both bullish and bearish. Sure on the near term it's downwards pressure but it could also just be a normal continuation pattern. This brings me to what I wanted to talk most about today.
The upcoming cross of the channel and the 1D MA50. This could very well be a decision area for the price of bitcoin. As I pointed out the 1D MA50 is a major support so if it hold we could break out of the channel and continue upwards. If not The downwards pressure would continue likely and we would have to evaluate new support.
As always I hope this helped you in your analysis. Thank you!
Bullish: Bitcoin is still hot issue, lot of people talk about it, grabs lot of people's attention, Bitcoin getting officially recognized as an asset class, coin circulation cap is almost maxed out so supply won't increase much.
Bearish: People fear the repeat of the past pattern
Bearish: People fear the repeat of the past pattern
Verdict -> will test for a bit more and go up.