BTCUSD Weekly BB/SMA

24 Feb 2019

BTCUSD

Although the recent trend has seen a small upswing in movement, I feel it is counter-trend to the long term Bear market.

Of particular interest to me is the rejection on the Middle BB over the last year. This weeks close, which will occur on Sunday, will likely still be below the Middle BB.

What I am looking for is a change in trend on the long term where the weekly candle closes above the Middle BB. This right now is exacerbated by the mid-term SMA crossing below the long term SMA in a descending triangle that has yet to find it's breakout for a true trend reversal.

Although the last week has seen higher volumes and the movement has been mostly Bullish, I am still Bearish for the long term until I see the above mentioned trend tell me otherwise.

All time-frames from 15m onward up to and including the daily are indicating overbought conditions on the RSI which alarm me to a sudden reversal of this weeks trend to correction territory.