BTCUSD
https://www.tradingview.com/chart/0BHI0EOt/
Are we seeing the beginings of a reversal?
I like doing my TA on the platform that I'm trading and I do do a bit of trading on GDAX/CoinbasePro. Lets take a look at the facts.
- Dow Theory requires higher highs and higher lows for a reversal from bear market to bull market.
- We have only seen lower highs and lower lows on BTCUSD.
- We are approaching a convergent area with this pair where the buying and selling pressure seem to be merging.
- Consolidations and consequently, breakouts typically occur around these times.
With all that said there is a chance that we are looking at a higher low here. Alternatively this "low" could merely be an intermediate rally, and we've yet to see the new low in this cycle. Either way, a breakout to the upside would need to break some key levels to validate a reversal according to Dow; namely the resistance zone I've drawn here in orange AND the previous high which CLOSED around 8400. All in all, i'm still waiting, but i think we're close. Check my blog or twitter for the newest updates. I also put out a podcast on Anchor if you're interested in that. It's all non-monetized. Cheers and happy reversal hunting!