Bitcoin Price Action Update
In our series of reports here the last few days, we have been focusing in on the long-term Bitcoin chart ( 5 year ). We have been tracking this chart ever since calling the initial sell-off from 10K levels. The 100 day MA can be applied to intermediate and long-term time frames. We outlined the long-term MA yesterday and stated if it dropped below, it could be very bearish based on historical. We also mentioned if BTC can bounce and build support in the 7900 region it could formulate a very bullish environment.
Post analysis yesterday, btc ended up bouncing right off that region we mentioned and made a solid run up. We will continue to look for this. As we approach BTC from a long-term outlook, another 10K test could be extremely bullish. As we mentioned in our most recent BTC market report at Visionary Financial , its easier to make the bull than bear case, but we will continue to watch price action today and make sure this recent run was not a bull trap.
Post analysis yesterday, btc ended up bouncing right off that region we mentioned and made a solid run up. We will continue to look for this. As we approach BTC from a long-term outlook, another 10K test could be extremely bullish. As we mentioned in our most recent BTC market report at Visionary Financial , its easier to make the bull than bear case, but we will continue to watch price action today and make sure this recent run was not a bull trap.
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