The unfortunate truth is that, bitcoin looks exhausted. This is the first red week (heiken ashi candles) and 2nd red week (regular candles) we've had, and a beat down from the ATH.
A couple concerns on the chart I see is the MACD is getting close to crossing.
We have also reached the "Pi Cycle Top"
And are tagging the parabolic trend line.
Do we get a surprise rally here or does bitcoin fall into a bear in coming weeks?
RSI needs to hold support.
There's some hope that we reach the 80s.. if a large announcement like WalMart buying bitcoin is released, it might do the trick. Fundamentals for BTC are better than ever right now, but I think that a lot just don't want to be buying btc at these levels, especially the "smart money".
Lets see how it pans out.
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Not looking great for the bulls
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My bearishness here was warranted. This was a good analysis in hindisight!
Didn't we already get a nice little bounce today up? I think next direction is further downside. 42-43k should hold right?
Andy_D
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@bed87, it's anybody's guess... the relief was quite small.. i'm thinking more a retest of 62k (optimistic case), or further downside to 42-44 (bearish case). Just illustrating one possibility.