In the article Bitcoin: Trade the trend and win I talked about how to identify a trend and why you should trade with, not against the trend for maximum profit.
Also in that article i showed at what point I would consider the previous uptrend to be turning down: when 8800 support was taken out.
Anyway, that level has now been taken out. The 50 MA is also pointing down. As a result, I consider this a downtrend, and time to short rallies (or stay out the market until signs of bottoming).
Also in that article i showed at what point I would consider the previous uptrend to be turning down: when 8800 support was taken out.
Anyway, that level has now been taken out. The 50 MA is also pointing down. As a result, I consider this a downtrend, and time to short rallies (or stay out the market until signs of bottoming).
Note
Bear flag broke downNext: Closing below 50 day MA would be bad news for bitcoin
Note
4- hour bull divergence, at support. Possible bounce inc. Note
Fractal played out beautifully!Note
An update om that downtrend. Still a downtrend until we are out of this channel 
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.