Bonfires_Down

Bonfires_Down

We did have some good upside volume as price hit 6k. But the resulting rally really isn't that impressive. We have support at the 200 MA but barely. I'm willing to bet that as price approaches the 20 MA it will be rejected again and drop. If you were able to buy at around 6k that was probably a good move, but I also think there will be further chances at those prices.

Bonfires_Down

My current thinking is that Bitcoin is in for a significant period of consolidation. Price has fallen far enough that investors are scared and it won't bounce back hard like it has done during the last few corrections. So what I'm thinking is that Bitcoin is going to consolidate at 5k-6k and it's going to stay around that area for a few months. Ethereum will...

Bonfires_Down

Not looking too good for Bitcoin. It fell below 10k before but that time it was quickly bought up again. This time there is little appetite from the buyers. It was rejected at the 20 day moving average, so we have to expect that it will happen next time price gets close too. I'm expecting a fall to at least 7k something and I'm not touching it with a 10 foot pole.

Bonfires_Down

So Bitcoin has decided to break to the upside after the recent consolidation. I don't think we are out of the woods yet though. The volume is still low, so there is no decisive move. And price was actually rejected at the 20 MA line. The price has been hugging the 100 MA and those two lines are about to cross. If I see that Bitcoin can break above the 20 MA I will...

Bonfires_Down Updated 

Bitcoin has or is about to break out of the current downtrend depending on how the line is drawn. However, the volume is not very impressive. My feeling is that there will be at least another leg down before Bitcoin can start making a real recovery. I've seen nothing yet to indicate that there could be a sustained uptrend from the current price.

Bonfires_Down

Waiting for the rally but I think it's time.