Bitcoin (BTC) Morning Update: The Seller Population is Depleting FAST!
The MACD chart below can be seen from the perspective of the Sellers. At the beginning of the correction, they gave all they had to bring Bitcoin (BTC) down! That represents the first blue rectangle. Then, after a brief respite, the Sellers tried again and managed a lower low at 5,900, a near term victory. This is represented by the yellow rectangle. Sellers then regrouped and once again gave all they had and fired their best shots....but, uh oh, only a higher low was achieved in price at $7,200. This failure to achieve another lower low is shown by the white rectangle box. And now, the Seller population is highly depleted and they have only a few shells of ammunition left. They are firing ALL they have to try and break that long term support line and generate that badly needed trophy of a lower low. However, the Seller activity is obeying the confines of the contracting yellow lines of the symmetrical triangle. The Seller population is depleting at an alarming rate and the bears know this as desperation is setting in. The below MACD chart projects a bounce is highly probable towards the upper yellow line; then one more decline towards the lower support before a sizable breakout potential that could be a sight to behold. The timeframe is into mid April or so.
Here is the same MACD with the price activity. The MACD pattern is favoring the white W corrective pathway. The current higher low of price could have very bullish implications; as long as the first long term support holds! Exciting days are ahead of us!
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