Since late last month we have been covering Bitcoin on the long-term ( 5 year ) chart. We outlined it sitting on the most important support zones in years. In our ( Visionary Financial ) most recent market report, we outlined bearish fundamentals are appearing for the first time in a while on network momentum, MVRV and Mayer Multiples. Check out the report here.
Based on the fundamentals we wouldn't be surprised to see it dip below the 100 day moving average at this point. It continues to show weakness in momentum. If it does drop below, you could argue long-term bear trend is forming based on the historical price action prior to dropping below this key support. We will keep on watch - any day now it should decide north or south. Watch out if we go south...
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
Based on the fundamentals we wouldn't be surprised to see it dip below the 100 day moving average at this point. It continues to show weakness in momentum. If it does drop below, you could argue long-term bear trend is forming based on the historical price action prior to dropping below this key support. We will keep on watch - any day now it should decide north or south. Watch out if we go south...
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
