BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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A wee bit of support has crept into the weekly chart at the current level. A move up or even sideways at a minimum will achieve two things at once in long term significance. The major down trend line starting in December of last year can be broken and a double bottom support structure will form at the nascent red uptrend line. Look at April to May. Is history repeating itself?

MACD is at an historical low level and within the last week and a half, flattening out. A sufficient turn up in price will create a buy signal at the MACD crossover.

Look for a pickup in volume to provide the push up.

With this new sign of developing support, The Panic Zone has moved to the bottom layer. A move down into the Panic Zone without breaking the long term trend will be truly ominous to weak buyers. A Panic Zone sell-off will create the buying opportunity of a life time starting at the $135 level.

Near term weekly chart buying opportunities are developing in both directions. Keep your powder dry and fire when you see the whites of their eyes.

BTC is now entering the long term decision point referenced in the previous analysis.

Soon we are out of your 'panic zone' and a larger uptrend could begin (maybe after a pullback):

Quite frankly, I trade the daily and on occasion the 4 hour chart. The daily has been flashing buy buy buy for about 3 days.
I could not agree more with your chart analysis. Same thinking here. But why are using a 14 week period RSI?

A 12 week period RSI (equal to three months, or a quarter of a year) is much more fun:
MFB ChartArt
Not that it matters, but shouldn't you split the difference and go with a 13 week period?
Thanks for the advice. RSI is at TradingView default. I use about 6 or 7 cyclical indicators in my micro analysis. I look for a final correlation of the RSI to all of the other tools. Since I use it so subjectively, micromanaging the period does not have much impact on the general commentary.
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