VFCrypto

Don't Be Sold On Bitcoin Bull Run Just Yet, Momentum Still Weak

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We went through a series of reports last week in which we closely assessed the Bitcoin 100 day moving average. This average has only been rejected by Bitcoin one in the last 5 years on the long-term time frame. We considered it a very strong support level in determining long-term sentiment. Bitcoin bounced exactly off that level and headed up the last few day.

Despite this move, we still believe it's too early to justify the long-term bull stage for Bitcoin . There is still some indicators that point to weak momentum right now that has historically shown up as well. You can see our whole analysis here as we outline a few key levels looking forward.
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