It's another mixed bag of signals today. Bitcoin is sitting around $54,800 and continuing to play games on our charts!
Here's what we're seeing... the biggest and most recent indicator was the so called, "death cross" which occurred about 4 days ago. This cross was of the 50 and 10 day moving averages and suggests a bearish season could be around the corner. That said, we haven't seen much movement yet and instead see a few positive bullish signals for the short term.
Here are the short term bullish signals :
Today, the RSI is around 47 which is a buy signal if you're projecting things to continue to move up. 4 of the last 6 days created what looks close to a "three line strike". A three line strike is typically a bullish signal. Lastly, we've moved back into the middle range of the Bollinger bands which is good for now.
Bitcoin is being ambiguous right now, it's hard to predict with the mixed signals so plan accordingly!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.
The price of BTC being in a murky spot while ETH skyrockets is kind of unsettling. BTC usually does well in the long run though ;)
Murky is a good word for BTC's price action right now! It's slowed down after having an amazing parabolic bull run in 2020... It is as if the baton was passed to ETH for 2021 but as you said, it's all about the long run! Thanks for the comments as always @mintdice!