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Long

BTC - Bears Taking a Break

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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We have seen a massacre over the past few weeks, some of the largest drops we have seen in this bear market. I originally thought we were heading down to $4,000 - we were in a huge bear flag and indicators looked bearish across the board. However, over the past few days, there has been some very clear bullish divergence . Looking at the chart, we can see that while the price has been creating lower lows over time, the RSI has been creating higher lows. This indicates buying strength as people are starting to stock up on these cheap prices, giving us the chance for at least some reversal even if it is momentarily. Aside from that, when we broke out of our bear pennant , the price quickly turned around at the daily close and is now in an ascending channel . I think we may see some slow upwards movement in the short run, however, I do think we can still drop again in the long run.
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