Bitcoin is nearing a critical point. One of the key elements of this TA is to view the chart on a Logarithmic Scale not Linear. If you right click in the right hand scale and select log scale it will toggle the scale type. The yellow trend line(TL) is taken from a weekly chart. Price has remained faithful to this trend line but many traders still may be looking at price from a different perspective (linear scale) which may explain why price is sluggish and going sideways now.
Notice patterns in the past where bitcoin price makes a more violent drop in price and quickly rebounds into a new impulse wave. I don't know if we will get that type of play at this intersection; although RSI and MACD are still showing bearish signals. RSI has yet to cross the "oversold" territory (below 30) and MACD has yet to post a crossover reversal signal. If you are trading these signals you're still waiting for a capitulation in the market and a classic Bitcoin dump and run. At any rate make sure to pay mind to the mid-term counter TL and the long term TL.
-Jared
Notice patterns in the past where bitcoin price makes a more violent drop in price and quickly rebounds into a new impulse wave. I don't know if we will get that type of play at this intersection; although RSI and MACD are still showing bearish signals. RSI has yet to cross the "oversold" territory (below 30) and MACD has yet to post a crossover reversal signal. If you are trading these signals you're still waiting for a capitulation in the market and a classic Bitcoin dump and run. At any rate make sure to pay mind to the mid-term counter TL and the long term TL.
-Jared