Bitcoin had an amazing couple of bullish weeks, marking higher lows and making highers highs. Today we broke past the 150MA on the daily chart (although the price was rapidly rejected to lower levels) and now we levitate around it. What I don't see is volume confirmation. Since the late December rally the volume has been in steady decline, while the price was going upwards. What I think is happening right now is that the current trend can come an end. The lack of volume indicates that currently there is not a lot of activity in the market and Bitcoin is in a "No man's land", between the bulls and the bears. Also there is just not enough momentum (take a look at the price action and at the awesome oscillator, which diverge with the price) to classify the 150MA breakout as "confident" and "strong". Another factors are that it's the end of Q1 and contracts are expiring, today is Friday and during the weekends the volume is lower and the market is not that volatile, the longs to short ratios are unequal, the historical volatility is at ATL which means that there will be a massive move in any direction soon. I'm not sure that the crypto space is ready for a bottom just on psychological level. We had some decent altcoin rallies and some binance IEO which went extremely well, however the tokens just plunged once they got listed. There are still a lot of weak hand in the market. However we should not forget that BTC fell 84% since ATH which is massive, but there is still an unmarked territory from 3 200$ to 1300$. So as long as Bitcoin is not above 4400 or below the 200 Weekly MA I don't think it's worth trading.
