First, I should make it clear that I don't have any idea where the price of BTC will be in the next 2 - 3 months. I hope that it will be higher but I am also aware that it could and ready if it does move substantially lower.
I don't think it is out of the question that we could see a prolonged period (weeks, months) of lower prices and consolidation.
But having said that this chart is looking at a bullish outlook for BTC. I like that BTC is still above my long-term trendline, a close substantially below would obviously not be a good sign and in my opinion, could signal a drop to possibly re-test the low of Feb. 6th. (I will be publishing another chart with a more bearish outlook). But as long as BTC stays above my long-term trendline I will remain more bullish than bearish.
It looks to me as though BTC may be forming an ascending triangle pattern which usually forms during an uptrend as a continuation pattern but will occasionally form at the end of a downtrend as a reversal pattern.
What I will be watching for will be for BTC to remain above my long-term trendline, stay above the 200 SMA and eventually also push above the 100 SMA.
One thing that concerns me is the massive bearish volume that we saw recently (possibly the MT. Gox trustee dumping BTC), however on the positive side even with all of that volume BTC still held above my trendline.
I don't think it is out of the question that we could see a prolonged period (weeks, months) of lower prices and consolidation.
But having said that this chart is looking at a bullish outlook for BTC. I like that BTC is still above my long-term trendline, a close substantially below would obviously not be a good sign and in my opinion, could signal a drop to possibly re-test the low of Feb. 6th. (I will be publishing another chart with a more bearish outlook). But as long as BTC stays above my long-term trendline I will remain more bullish than bearish.
It looks to me as though BTC may be forming an ascending triangle pattern which usually forms during an uptrend as a continuation pattern but will occasionally form at the end of a downtrend as a reversal pattern.
What I will be watching for will be for BTC to remain above my long-term trendline, stay above the 200 SMA and eventually also push above the 100 SMA.
One thing that concerns me is the massive bearish volume that we saw recently (possibly the MT. Gox trustee dumping BTC), however on the positive side even with all of that volume BTC still held above my trendline.