Bitcoin has broken the 2018 descending triangle. Though the sell-off provides an inconclusive picture, bullish indicators are the positive buying volume break and the fact that price has found rising support since June. The stoch RSI is rounding up, but adds nothing.
Though it is too early to say if this will result in a sustainable rally, when we take the recent technical picture into consideration, one may enter long positions with extremely tight stops.
But if price breaks below last weeks' low, and then the rising intermediate support line, this could spell trouble.
For now, I am neutral-bullish.
Though it is too early to say if this will result in a sustainable rally, when we take the recent technical picture into consideration, one may enter long positions with extremely tight stops.
But if price breaks below last weeks' low, and then the rising intermediate support line, this could spell trouble.
For now, I am neutral-bullish.