Bitcoin Still Sideways but Respecting the 2014 Comparison

in bitcoin •  21 days ago

Still sideways

Ups and downs, ups and downs. We are in this continuous 30% channel (3300$ - 4300$) since December, with no signs whatsoever of breaking it. However, there's some sort of pressure accumulating, the Ichimoku cloud above us got really thick (circle), meaning there's a lot of resistance forming. Regarding the future price movement, we might witness a Elliot ABC - flat formation pattern, with a bounce a at the double bottom, around 3200$.

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Bitcoin daily.png

Moving Averages

Unfortunately we didn't break the 55 & 21 day MA (blue, yellow) resistance and are seeing the 21 still under the 55. Very interesting that the moment the 21 reached the 55 two weeks ago, we saw an immediate drop. I'm still considering that these particular MA's are to keep an eye on.

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Bitcoin MA.png

Continuation to the 2014 comparison

Bitcoin is still respecting the 2014 comparison so far, we've got a further bounce at the 200 week MA.

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Bitcoin 2014 comp.png

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Thanks for reading and safe trading!

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