These past few weeks, we have had a 69.82% decline from the all time high of 20,089.00 on December 17, 2017 to a low of 6,048.26 on February 6, 2018. And everyone around the world is watching.
These past few days we have seen very bullish movement from BTCUSD. The MACD indicator is bullish. RSI is above the oversold levels. DMI looks like there will be a cross over in a few days.
The main question now is "Are we out of the Bears?"
Answer: Based on the chart, we are still within the "bearish trend channel". BTCUSD still needs to breakout of 11900 - 12100 levels and bounce to confirm that the correction / "crash" is completed. BTCUSD is currently sitting at 10,898.90 as of this writing...and an upcoming resistance of 11,300. It is still an outstanding rise of 80.20% from the bottom!!!
Exciting as this is, we still need to be a bit cautious as we are still within the bearish channel. If the bulls are not able to breakout, we may see BTCUSD go down to 4,500 levels. Till then...
***** Invest only what you can afford to lose *****
These past few days we have seen very bullish movement from BTCUSD. The MACD indicator is bullish. RSI is above the oversold levels. DMI looks like there will be a cross over in a few days.
The main question now is "Are we out of the Bears?"
Answer: Based on the chart, we are still within the "bearish trend channel". BTCUSD still needs to breakout of 11900 - 12100 levels and bounce to confirm that the correction / "crash" is completed. BTCUSD is currently sitting at 10,898.90 as of this writing...and an upcoming resistance of 11,300. It is still an outstanding rise of 80.20% from the bottom!!!
Exciting as this is, we still need to be a bit cautious as we are still within the bearish channel. If the bulls are not able to breakout, we may see BTCUSD go down to 4,500 levels. Till then...
***** Invest only what you can afford to lose *****