Coinbase:BTCUSD reversal

Aug 15, 2018

BTCUSD

https://www.tradingview.com/chart/0BHI0EOt/

Are we seeing the beginings of a reversal?

I like doing my TA on the platform that I'm trading and I do do a bit of trading on GDAX/CoinbasePro. Lets take a look at the facts.

• Dow Theory requires higher highs and higher lows for a reversal from bear market to bull market.
  
• We have only seen lower highs and lower lows on BTCUSD.
  
• We are approaching a convergent area with this pair where the buying and selling pressure seem to be merging.
  
• Consolidations and consequently, breakouts typically occur around these times.
  

With all that said there is a chance that we are looking at a higher low here. Alternatively this "low" could merely be an intermediate rally, and we've yet to see the new low in this cycle. Either way, a breakout to the upside would need to break some key levels to validate a reversal according to Dow; namely the resistance zone I've drawn here in orange AND the previous high which CLOSED around 8400. All in all, i'm still waiting, but i think we're close. Check my blog or twitter for the newest updates. I also put out a podcast on Anchor if you're interested in that. It's all non-monetized. Cheers and happy reversal hunting!