Haa! Hope you're still with me! As most of you have realized by now I am not here to tell you what you want to hear or provide charting that most of us in cryptosphere want to see.
We are all so eager to see the crypto markets skyrocketing, myself included! Remember, I'm on your side! but as I have already started arguing, too many of us are ignoring the fact that we are in a bubble.
As promised I'm keeping things simple when it comes to TA:
The broken trendline on the weekly log scale is pretty much self explanatory. I don't trade intraday or any short term scale using solely TA, I'd say that anyone relying only on TA is either doomed or very lucky. Even for intraday trading one should always keep an eye on long term perspective in order to properly position themselves.
Given the not so recent MACD crossing on the weekly charts we are bound to see either a downtrend continuation or some sideways activity preceding it, but given that our 8month trendline is now clearly broken and that BTC RSI fell below 50% for the first time since mid 2015 it is highly probable that we will see a retest of the long term trend that dates back to mid 2015. This clearly indicates that we should be seeing 3000$ levels in the following couple of weeks, especially given that the price action on the weekly charts coincides with the fact that the entire crypto market is still overpriced as I discussed previously.
Please note this analysis is for educational purposes and not a trading advice. I am not an intraday or a short term trader. Please DYOR!
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