2019.03.06 - Bitcoin Up or Down?

in bitcoin •  18 days ago

Where is Bitcoin Going?

2019.03.06 weekly.png

https://postimg.cc/GTdn89Nr

On the Weekly chart we can see that the indicators suggest Bitcoin is at or close to a High but at the same time we see Bitcoin has broken upwards through a long term resistance line.

2019.03.06 weekly log.png

https://postimg.cc/HrsWvv6H

Is this the best time to go short, as some are suggesting?

2019.03.06 daily.png

https://postimg.cc/xcVc5RrT

On the Daily chart we see that in the overall sideways move we're in now for 3-4 months, the last High closed Above the second and third Highs.

2019.03.06 daily detail.png

https://postimg.cc/BLNMp6bJ

Since this was a Broad Peak in stead of a narrow spike, and on top of that this 4th High exactly touched the historical trendline that is formed by the Low and High of the 2011-2013 Bull Run, this seems a relevant point in Bitcoin's trajectory.

2019.03.06 4h.png

https://postimg.cc/3kMCgp1g

A High seems close according to the indicators, but there also seems enough upwards momentum left for Bitcoin, to test this historical trendline a second time, before going back downwards, to test the lows over there.

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I was shorting, but closed all my positions. Too risky territory for now. I'll wait until we are well above 4K.