1 Week bars on BTC paint an interesting larger picture.
-BTC did a perfect .61 fib retracement from its bulllish movement this year to the top ($14k~) to the most recent bottom ($7.2k~) (A perfect entry point).
-The 12, 26 MACD displays a short term drive to another positive crossover. While 5,10 or 7,14 MACD paints an even nearer term positive crossover however...
On the 1D bar BTC crossed the 5, 10 MACD cross upward hinting at continued short term upward momentum. However the overall trend suggests lower highs culminating into a larger pendant where the accumulation phase must decide on a direction.
Stop: 10090
SHORT
Assuming continued bear market.
Regression Trend Line is in the center. No signs of reversal yet until XBT can break $4140 (previous high since the $3200 bottom) and continue to make higher highs.
Until then I am SHORT for all prices above $3300.
Long positions of XBT will become enticing in 4H oversold time frames on the RSI and crossing over on the...
