Well the bears are still in control for another week, and we are starting this week in the same fashion. Today i have a KC channel up showing that we are below the lower band, which is an overall strong bearish trend like we have had the past few weeks. Lower highs and lower lows with no strong swing in sight yet. We have been testing the 6K line to many times for my liking and if we do not rally in the next 'm going to say two weeks, I'm afraid it will finally break and we will have a continued fall from grace. I do not like to be the bearer of bad news, but it is the truth if we are looking at long term stability for Bitcoin.
$5737 was the lowest point last week so that starts my range for this week. If we hold above this week, then we are in good shape, though if we fall below and close the week below it, long term worry. RSI s below 50 and on a steady downward spiral. All grim outlooks i am afraid. Though, if volume picks up, there are a lot of hurdles we will need to break in order to see a bullish market to return. 10k is the magic number. We need to see a close above 10k at least which would give us a weekly higher high from the last weekly swing of $9980 to where you can say were in a long term bullish market once more. That doesn't mean we can have short term bull runs, but I am looking for long term sustainability right now. So, if you want to see the bulls come back now may be a good time to buy.
$5737 was the lowest point last week so that starts my range for this week. If we hold above this week, then we are in good shape, though if we fall below and close the week below it, long term worry. RSI s below 50 and on a steady downward spiral. All grim outlooks i am afraid. Though, if volume picks up, there are a lot of hurdles we will need to break in order to see a bullish market to return. 10k is the magic number. We need to see a close above 10k at least which would give us a weekly higher high from the last weekly swing of $9980 to where you can say were in a long term bullish market once more. That doesn't mean we can have short term bull runs, but I am looking for long term sustainability right now. So, if you want to see the bulls come back now may be a good time to buy.