gangsatoshi

Trendlines: why the BTC might go from bullish to bearish

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bears have strongly been reaffirming their position during the last week, raising many points (e.g. diamond reversal pattern) favoring the reversal of the current well established trend line that has been going on since march (blue line). The BTC has been bullish since then; although a few unsuccessful breakouts (first red trendlines ), the BTC has kept increasing generally and even broke out above the 200 day MA, followed by the current downwards trend.

Here I want to add a simple trend line analysis to the conversation. I believe it is too soon and almost speculative to be bearish considering the important support at the moving average and the long term trend line . The chart above is a simple way of showing that the trend is reversing significantly, so the strength of the support coming tomorrow will tell us a lot on the longer term trend! If the BTC goes through the support, the contact with the 200 day MA will be the most determining factor for the transition.

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