3 Bullish Signs with 2 Steem Bounty
It feels very much like 2014 to me. We are in a bear market and I fear this may go on for quite some time. Our last bear market lasted 1.5 years.
That said I see three bullish signs at the moment and very short term upside potential:
1. Support held and downtrend broken thru
The very long uptrend has held and a very short term downtrend has been broken thru today. Granted there is a longer term downtrend approaching, but from a very short term perspective this looks good.
2. RSI is forming an uptrend
The RSI has turned and looks like it is going up. Coming from the this very rare low this seems like a very good sign that may be going higher.
3. The MACD just turned bullish
The short term line just crossed the longer term line, which is a bullish indication and buy signal.
VOLUME!
The volume is very very low. On the one hand this shows that the sellers are running out of steam, but also there is no real buying support. Fundamental indicators such as google search activity is also very low. Although it has stabilized a bit.
This supports the fundamental level of the current prices. So lets not get to excited just yet.
Target: 7500ish
I just went long like a crazy dude and as if my portfolio was not overexposed already due to these indicators.
But the real question will be if we can break out to the upside when the real apex around the middle of the month approaches (4-20ish). There is also the latest high that falls in the same category of price. This is my next target and where the rubber meets the road.
What do you think will happen?
There is a little bounty to be made after all. Let me know your analysis.
Bitcoin price may start an upside move towards 7.33K and 7.50K levels, but for today a break above 7.5K level would be difficult, so another move towards 6.49K support might happen, but in the same time the swing move will take end soon as the limit for any major swing is Apr 12, which is now supported by the squeezed 1D band that we have been seeing for the past few days.
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Does not look very solid for the very short term, but we might see some interesting movement from the beginning of May onwards. Also anticipation of Consensus 2018 and roadmap deliveries end of Q2.
What makes u confident in this timing?
Well I don't do technical analysis but I try fundamental analysis combined together with a macro market approach. Big events like Consensus are usually highly anticipated and a lot of simultaneous roadmap deliveries at the end of Q2 and Q4 usually create a lot of buzz and attention with a positive impact on price. So I am more of a long-term macro guy ;-)
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I have been thinking we will see 5500 range again erasing any and all gains from the previous 6 month chart. The spike up had little resistance, on the downswing there has been moments of resistance, but nothing seems to hold more then maybe a week.
Until I see either 5500 or a sign that maybe the bulls are coming out in force I'm not looking to add to my BTC holdings. What I have can just sit for now, but have debated selling it a few times. But the good old IRS would want their cut and it just doesn't make sense to me to pay taxes betting on the price to drop enough to cover those taxes.
yea. i am in the same boat which is why I short vs sell.
Where are you trading?
I use a few things, futures and also margin. I’ve just started to switch to deribit. Before bitmex and kraken. I’ve had bad experiences on kraken.
is that Kraken has lived up to its name, as it happened attacking ships and sailors, this is what happens to kraken users. hahaha xD
I was on kraken a while back and that soured me for some time. they pulled some shady stuff, but it's time to get back into trading contracts again. It's cleaner for my taxes and will let me take advantage of the market swings better.
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Of course with 6 hours more knowledge it is always easy but I don't see the downtrend to be broken (bitfinex). Till now we have formed lower highs and lower lows. Until we haven't formed a higher high I see no bullish upwards move. So that is what I am waiting for.
Interesting will be second half of April as there we get a decision about which trend is stronger - the down or the up one. I am very much hoping that @lordoftruth is right with his impression - so I still see more bearish than bullish signs - but that may be also due to lack of knowledge.
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I believe the correction is about to end. ETH has seen 10% rise for last 24h already.
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I think the dip will continue for a while longer primarily because of the "panic sellers" out there in the market who are causing a shift in the demand-supply curve. In other words, the sellers are more than the buyers....
This can continue for about a month more and when the panic reduces... Everything will normalize again and gradually begin to rise/recover... This should take another two months or so......
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I also think that the demand-supply curve is affecting this too. It seems to be that we have more sellers than buyers, hence the price keeps suffering. I guess there'll be a significant positive difference when the reverse becomes the case. Just my thought!
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Thank you @steem-bounty
I beleive that this upward continue for the next two weeks. as through analysis.
I don't have analysis, but feelings: I feel it's time to buy and I'll do so.
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Thank you so much @knircky for your informative crypto's analysis article.I think it's future is fine.
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