I'm not bullish on Bitcoin yet

in #bitcoin6 years ago

28.9.18 BTC.jpg

Interesting to see that more people seem to be turning bullish on Bitcoin. I just don't see it in the chart yet. That upper resistance line needs to break and buying volume needs to increase. I could be wrong but I always go by the fact that trends last longer than most people expect. If we're in a new bull run, there will be a good time to get in. I'll be more interested when that resistance line has become support and the price bounces up off it. The triangle is getting tighter, so there could be a nice up move soon but there's also a long term wedge pattern, if that plays out, there could still be a new low for 2018. What stands out on this chart for me is that the buy volume can't match those big sell days. People might be starting to accumulate here but it doesn't look like they want to risk too much yet.

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