Is the bottom officially in? I have no idea. There's never really a way to tell. I really like the chart attached ... which does indeed show us more downside.
Even on my chart we can see the short MA being eclipsed by the longer one, in what's referred to as the 'death cross'...but that overtake and the volume since then has been relatively light.
In fact, most of the largest volume bars have lined up with quick spikes in OBV and the Chaikin Oscillator..implicative of
If this thing were in the middle of a bubble melt-down....it would've happened by now. The power of the selling would've totally outweighed the buying power against it. Even Satoshi would've probably bailed by now.
But it hasn't crashed. It seems like it's consolidating if anything. BitCoin is a fairly young thing and didn't really start seeing a ton of volume until last year.
So the technicals and doing technical analysis shouldn't be used as the end-all be-all for gauging its' precise moves.
I just realized CNBC has started to add the BitCoin ticker to its screen even when they aren't talking abut it. That and the sudden narrative changes of people like Soros (unless he's short of course)...so I think it's a hold here if anything. A buy above the psychological 7000 level.
https://charts.stocktwits.com/production/original_119636885.png
Even on my chart we can see the short MA being eclipsed by the longer one, in what's referred to as the 'death cross'...but that overtake and the volume since then has been relatively light.
In fact, most of the largest volume bars have lined up with quick spikes in OBV and the Chaikin Oscillator..implicative of
If this thing were in the middle of a bubble melt-down....it would've happened by now. The power of the selling would've totally outweighed the buying power against it. Even Satoshi would've probably bailed by now.
But it hasn't crashed. It seems like it's consolidating if anything. BitCoin is a fairly young thing and didn't really start seeing a ton of volume until last year.
So the technicals and doing technical analysis shouldn't be used as the end-all be-all for gauging its' precise moves.
I just realized CNBC has started to add the BitCoin ticker to its screen even when they aren't talking abut it. That and the sudden narrative changes of people like Soros (unless he's short of course)...so I think it's a hold here if anything. A buy above the psychological 7000 level.
https://charts.stocktwits.com/production/original_119636885.png
