Weekly Wrap for Bitcoin.
Monthly Chart:
The long term (monthly) chart of Bitcoin has come back down to the top set back in late 2017. It's not surprising that Bitcoin is consolidating at this very important level.
It is also conspicuous that no sudden rebound has occurred. That doesn't mean it can't. But - at this stage, consolidations at the low suggest more down side.
Weekly Chart.
BTC is an unusually long sideways consolidation. It remains bearish, however, with two Supertrend lines both blue (bearish).
It is looking remarkably like a Wickoff Consolidation rather than a Distribution. So we could see a strong upside move from here.
Daily Chart.
MACD Histogram is positive. That's a sign that downside momentum is easing.
RSI is at 44.57, still shy of the 50 level needed for a positive reading.
Stochastic is close to a +ve cross-over.
If all three go +ve, expect a tradable medium-term rally.
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