Looking at the daily BTC chart, we can see that Bitcoin is having a difficult time rising above the 50 (in orange.) This is quite concerning, as far as short term price action is concerned, because when compared to this point in 2015, price had rallied sharply above the 50 . Unfortunately, since I am traveling and posting from my cellphone, I can't post a side-by-side comparison chart. However, you can view my previous comparison analysis, attached below, for reference. So yeah, Bitcoin is struggling to rally above the 50 .
Adding to the slight divergences from the 2015 bottoming formation, we can see that the triangle is extending further than before. If you'll notice, I've actually adjusted the bottom of the triangle from the dashed black , to the solid black at the bottom. I've done this because I'm a bit torn, now that Bitcoin is struggling to rally above the 50. Technically, you can see that where the triangle was originally drawn (black dashed ) price has fallen back below it. So, price could continue to trend sideways to lower, but stay inside of this extended version of the triangle, until it actually rises above the 50 .
Let's not forget though, we ARE analysts! We know that the 50 has been powerful resistance, and Bitcoin is continuing to struggle at it. That is not a positive sign. At the same time, a bottoming that matches 2015's bottom has been printed, but we're starting to see some possible deviations from that. So, until price can rally above the 50 my short term view is neutral.
On the , we can see that it is now approaching the zero line. Momentum is slowing down, but it is still currently rising to the upside. On the , we can see that strength was recently rejected at a multi-month (red horizontal .) Each time that happened, a fall in price occurred next. So, based on that, and the failure at the 50 , there are some reasons to be cautious here.
Overall, there are mixed signals in BTC right now. We may have bottomed already, but indicators are still showing mixed data. Until price can rally above the 50 , providing further confirmation of the 2015 bottoming , I will remain cautiously optimistic that the bottom is in. That's my view, but it's always best to do your own homework. Good luck trading, everyone!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
For example, see how much profits STORJBTC generated here:
Or take a look at BitTorrent (BTTBTC):
And MCOBTC just to name a few:
Trade altcoins while Bitcoin does sideways, higher profits potential.