In my last post, I said we were probably going to break out above the ascending triangle and we did, so congratulations to anyone who was betting with me. Read that here:
Here, we have the weekly chart. Now, I do not trade the weekly chart, but it is bullish. We have a cross forming on the macd for the first time since the bear market began and if we can get above the recent high: ~$8600 then I will be pretty confident that the bottom for bitcoin is in. Until then, I am uncertain. All I can say is that if you are short on bitcoin, be careful. This could turn around and you could get rekt. Remember, the trend is your friend until it isn't. We have been forming a smooth bottom like in the last bear market and we have had one capitulation, so it's certainly possible the lows are in.
Be careful everyone!
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Good analysis! I would add that we need the RSi to get above the 60 level and maintain that for more than just a quick move above and a fall back below.
Regards,
CryptonJohn