BTCUSD - Bitcoin likes to dump and run. RSI - MACD bearish

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is nearing a critical point. One of the key elements of this TA is to view the chart on a Logarithmic Scale not Linear. If you right click in the right hand scale and select log scale it will toggle the scale type. The yellow trend line (TL) is taken from a weekly chart. Price has remained faithful to this trend line but many traders still may be looking at price from a different perspective (linear scale) which may explain why price is sluggish and going sideways now.

Notice patterns in the past where bitcoin price makes a more violent drop in price and quickly rebounds into a new impulse wave. I don't know if we will get that type of play at this intersection; although RSI and MACD are still showing bearish signals. RSI has yet to cross the "oversold" territory (below 30) and MACD has yet to post a crossover reversal signal. If you are trading these signals you're still waiting for a capitulation in the market and a classic Bitcoin dump and run. At any rate make sure to pay mind to the mid-term counter TL and the long term TL.

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