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BCryptological

BTC between a rock and a hard place

Short
Bitcoin (COINBASE:BTCUSD)  
BCryptological  
COINBASE:BTCUSD   Bitcoin
Trend Analysis BTC BTCUSD 200ma Weekly Charts Bearish Patterns Bullish Patterns
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trendanalysis btc btcusd 200ma weekly bearish bullish
The bullish case:
  • BTC has not breached the weekly 200 MA and closed below it since September 2015.
  • The 200 MA offers huge level of support not only to BTC, but historically in stocks around the world.
The bearish case:
  • The weekly BTC chart has formed a bearish descending triangle, making the long anticipated move down to $2500 seem even more likely.
The neutral case:
  • Both the weekly RSI and Stochastic RSI are remarkably indecisive at present. Arguably the RSI is approaching oversold, whist the Stochastic RSI has gentle momentum to the downside.
The case that BTC cannot stay in the $3000-4000 range much longer:
  • Since the peak of late November the weekly volume shows a clear decline, which indicates a big move up or down is imminent. Keep your eye on the weekly 200MA because it will likely give you a strong hint of which way we will break out.
Find links below to these two essential chart indicators:
  • 50, 100, 200 Moving Average
  • RSI and Stochastic RSI combined into one indicator - read the description to discover just how useful this might be for you.

Related Ideas

BCryptological
RSI + Stochastic RSI Indicator Combined
BCryptological
50, 100, 200 Moving Average
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