librehash

Bitcoin is About to Get its Wings

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The markets appear to be on the verge of teetering. But since there are some that may not believe this, this article will provide as much information as possible to corroborate that notion.

Bitcoin is bearish on the daily for every single indicator and metric that we can find.

But let's go through them all instead of telling it so that everyone can see.


In the chart above, we can see Bitcoin fail to leap across that $60k overhead resistance.

Most recently, we saw Bitcoin get knocked back once again (politely, yet firmly)


Something that's worth noting is the depth of the drop after that initial pullback (see below):


Balance of Power RSI For Bitcoin

This is looking pretty bearish for Bitcoin as well.



If we look closely, we can actually see that the indicator had been firing bearish (diverging) since April 1st (and, of course, it still is now).

Relative Strength Index (14)

This chart says much of the same thing as well


Below is another version of the RSI (14)


Bitcoin is Still Bullish Long-Term

Weren't expecting to see that, were you?

This is an 'Easter Egg' for anyone that's curious about Bitcoin's outlook over the long-term.

Let's take another look at the price chart on the daily resolution .


Yup, you're seeing that correctly.

There's a massive bull pennant forming on Bitcoin on the daily resolution as we speak.

And when that bull pennant breaks out, the price could go crazy.

Conclusion

First thing we want to do here is find the likely strongest point of support from where its at currently, which appears to be here


It appears that the support is around the $55k-ish mark (give or take).

Given what we can see on the charts here for the daily resolution we're actually going into enter into a long position here.

R/R on the Trade





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