So what is likely to happen with Bitcoin -- which controls everything? You always have to look back at previous behavior to get an idea of how things may play out in the future. On this timeframe (the 12H) we're starting to go under and stay under the 200MA for a while now, when that happens we are likely to force a death cross (when the 50MA crosses under the 200MA) on the 1D timeframe -- which is when price goes down even more aggressively. Once the death cross happens Bitcoin price will go under for a while. Take a look at what BTC behaves like once it starts crossing down the 200MA on the 12H.
As of right now BTC is more than likely trying to get back to the 200MA on the 1D timeframe. In order to start going back up we need to find a key physiological buy point -- which are marked with green X's on my charts.
THE TREND: Going down still.
THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 marketcap alts.
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