Historically, Bitcoin has two years of bull followed by two years of bear. According to this cycle, next bull market won't start until late 2019 - beginning of 2020. #forgiveme #permabulls
Bitcoin broke out of a upward channel May 2017, and went into a parabolic bubble. Could we see trading fall back into this channel as a return to normal over the next weeks to come?
The weekly chart could possibly be setting up a pretty massive cup & handle which is a bullish continuation pattern. Psychologically it would make sense considering that the market sentiment on a super macro time frame still is bullish. It would also explain the lack of capitulation V-bottom.
Market continues to take profit close to 200 day moving average, and the bear volume doesn't even let us touch it. If the 200D MA really controls the market then we are looking at further downside as price action from january/february is about to affect it. Considering the amount of accumulation that has been going in since $5800, we could get substantial bearish...
BTC has potentially set up a pretty substantial bull trap. It would be the perfect setup for a capitulation bottom if it falls. A move above $7000 with substantial volume would be the only thing to invalidate it.
On the log scale, LTC is coming into some major resistance. We are testing the "december crash" resistance line with low volume, high RSI and a death cross. Pullback expected.