JonRulz
Long

Bitcoin, is it bearish?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin had a huge jump from 3k all the way to 13k without much correction. This should put alarms in peoples heads. It's very likely that 13.8k was the top for now, and that we are going to see a 33-66% pullback before we see newer highs. However, we are currently ranging and I expect to range for another month between 9.9k-12k. Right now bitcoin is bearish but it's starting to gain some momentum. It bounced off the 50 day moving average and starting to show showing signs of a short reversal. I do not expect it to break the 50 day moving average anytime soon. For now, I am looking for this to make a run to 10800, and 11,300 as take profit values. For this to happen, i need the MACD on the hourly to start reversing to the upside and I'll be looking for haikin ashi candles to stay bullish on the hourly to confirm bullish movement. This idea is invalidated if 9800-9900 breaks. we will likely break the low of 9.9k and see bitcoin slowly trend to 8k and eventually 7.4k which are my targets to start longing.
Very good indicators !
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