Hey everyone, Bitcoin is standing at a point where it is going to go to the moon or have more downwards action. A break above 9200 - and holding there - will signal us that we can end the bear season any time soon. Rejection from this level is really risky for bitcoin
Detailed update on Bitcoin Lets check all the indicators and past movements to decide on whats next...
Death and Golden Crosses Bearish Case: We had our death cross back in late October 2019, we are still in the death cross and our DAILY 200 MA is above the price action. If you look the 2018 bear season after we had our death cross we tried a couple of times to pass 200MA but were not successful. Even though we are above 50 MA this is not enough to turn BULL yet. 2018 bear case: 2014 bear case:
Bullish Case: Fakeout death cross option. When we check the 2015 chart, we see that it is possible to see a fake death cross to trap bears. We might be at the begining of a huge bull run but how can we be sure? Breaking above 200 MA AND HOLDING THERE will show us which case is right.
NVT is still not signalling any bearish signals, lets wait a couple of days to see how it will work out. Daily NVT is RED - BULLISH 2 Day NVT - BULLISH 3 Day NVT - BULLISH
@dacto I don't think your NVT is bullish and also you may find that the signal you are using is locked to "Force Daily View across all Time Frames" hence why you're getting the same reading on different time frames. Anyhow my vote is with the bears from here and perhaps a fall is coming soon @london55555
dacto
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@dRends35, thanks for the warning, I have to check NVT again
My vote is also bearish, rejection from 200 MA and continuing the bear season...