Recent market moves are threatening to derail Bitcoin’s long-term uptrend.
Technical Analysis
We believe the current move is technical in nature and is likely to be short-lived.
The current plunge in the crypto markets looks likely to present a great buying opportunity for those willing to venture out on the ice.
BTC and XRP look likely to lead the market higher on breaks through their respective resistance levels, the 50 day moving average being key for BTC.
The market has taken some tentative steps above various downtrends, Bitcoin Cash leading the way…
The wind has dropped, but the lull is unlikely to last much longer. This is a great chance to get into position.
The crypto rally continues to look good, although some all-too-familiar resistance levels are proving a drag. Meanwhile shorts are at all-time highs.
BTC is exhibiting dampening oscillations showing we’re nearing the end of a trading range. Meanwhile, the alts are also hinting at a bottom here.
Bitcoin’s rally has made good progress and the daily chart looks good – however volatility is high and short-term a pullback looks on the cards.
Bulls finally pushed bears out of the resistance/gap zone last night, triggering the start of a short squeeze. This may be just the start however.