What you are seeing here is a bitcoin fractal between September 2017 and now. It's not a perfect fractal, but the overall movement is very close.
The trendline in blue is the same for both charts. I'm cautiously optimistic that bitcoin might bounce off support. I'm fully aware that if we cross below support then we might have a bear continuation for months to come. I'm not a bulltard. I'm leaning bullish 52-48.
Reasons for a bullish reversal:
+ Still above the trend
+ This fractal :D
+ We are nearing the apex of key support and resistance
Reasons for a bearish continuation:
- 50 EMA is nearing a cross below 200EMA.
- We are dangerously close to support
- Still in a downtrend
The trendline in blue is the same for both charts. I'm cautiously optimistic that bitcoin might bounce off support. I'm fully aware that if we cross below support then we might have a bear continuation for months to come. I'm not a bulltard. I'm leaning bullish 52-48.
Reasons for a bullish reversal:
+ Still above the trend
+ This fractal :D
+ We are nearing the apex of key support and resistance
Reasons for a bearish continuation:
- 50 EMA is nearing a cross below 200EMA.
- We are dangerously close to support
- Still in a downtrend
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Short term update on bitcoin:
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We need the trend line to be strong for the next 6-12hrs. So far so good.
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Update on BTC
