Bitcoin may finally be starting a bullish trend again.
Prices have been in a pronounced downtrend for what has seemed like enternity.
In reality, the downtrend has only lasted from middle of December until middle of August, about 8 months in total.
However, as you know, 8 months can sure feel like an eternity in cryptocurrency land!
Things starting to look up.
If you look at a daily chart chart, you can see that bitcoin has finally garnered a bit of momentum.
The MACD had a bullish cross from an oversold conditionn recently, which is exactly what you want to see.
It still has plenty of room to the upside as well:
If bitcoin follows a similar pattern to what happened in July, we could see the MACD move all the way up to the 400 range again.
Where are we going from here?
That is the 64 thousand dollar question!
In the short term there is pretty clear skies to about $7,600 area.
If we can bust through that, $8,500 may be in play before things start looking overbought.
Regardless, this current move looks different than previous ones.
It is slower in development, which means it may have more staying power.
Which kind of move would you prefer?
Move #1 or move #2?
A slow grind higher has a much better chance of holding the gains than a fast energy surge moon shot.
We saw this play out in early 2017 compared to what has happened thus far in 2018.
Stay informed my friends.
Follow me: @jrcornel