themuzzman

Bitcoin At The Crossroads! What Happens Next?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Well actually your guess is as good as mine.... Love seeing this long, multi-month downtrend being broken to the upside. The fact that we haven't been smacked down back into the bearish channel is definitely good news for the price. Finally on the chart we can draw another long term trend line that BTC             is meeting right now and is hugging pretty closely. I think this is something to be watched and a break above this line that dates back to July of 2017 would be "hella good news" to say the least. In fact, it would be fine to even see it head up slowly and continue to hug this line, build a base and then launch out above it (hopefully with some decent volume to confirm the move). The RSI is pretty darn good shape and we have lots of room to run around if we do see higher prices.


The old "Random Number Generator" is in pretty good shape also. We're sitting with a green 1 on the candle that just formed and this sets us up for potentially 8 more days of upside. Sunday we got the 9 sell signal and a break above $8,350 should launch us much higher into the weekend. A close below $8,273 on this chart would not be great and most likely means we need to sit around these levels a while longer before any major price advances.

The sentiment is now pretty much "overwhelmingly bullish ." Just look on Twitter at all the alt coiners talking about the bear market being over. We are definitely still in a bear market and bearish environment. The prices have been decimated over the past 5 months or so.

The job of a bear market rally is to get everyone feeling good.... get everyone feeling secure.... get everyone in.... AND THEN BURY YOU SOON AFTER. Hopefully that's not the case here
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