The bullish case:
- BTC has not breached the weekly 200 MA and closed below it since September 2015.
- The 200 MA offers huge level of support not only to BTC, but historically in stocks around the world.
- The weekly BTC chart has formed a bearish descending triangle, making the long anticipated move down to $2500 seem even more likely.
- Both the weekly RSI and Stochastic RSI are remarkably indecisive at present. Arguably the RSI is approaching oversold, whist the Stochastic RSI has gentle momentum to the downside.
- Since the peak of late November the weekly volume shows a clear decline, which indicates a big move up or down is imminent. Keep your eye on the weekly 200MA because it will likely give you a strong hint of which way we will break out.
- 50, 100, 200 Moving Average
- RSI and Stochastic RSI combined into one indicator - read the description to discover just how useful this might be for you.
