Bitcoin seems to be strapping on it's combat boots! Let's take a look at the last few years via a pitchfork, and then let's dive deep into some indicators with technical analysis to see where we're going next.
Bittrex Drama! The Bitcoin Private snapshot has occured, today was the day, February 28th!
Bitcoin is still not out of the woods yet, if we take a look at the weekly chart. We're still trading this week between $9,400 and $10,800. A very nice $1,400 up from the beginning of the week, and definitely a healthy bounce to many's portfolios. However, we're still trading below the high of last week's high, at $11,800. This price zone is also where the 100 Day Moving Average acts as resistance.
Bitcoin is still not out of the woods yet, if we take a look at the weekly chart. We're still trading this week between $9,400 and $10,800. A very nice $1,400 up from the beginning of the week, and definitely a healthy bounce to many's portfolios. However, we're still trading below the high of last week's high, at $11,800. This price zone is also where the 100 Day Moving Average acts as resistance.
I have volume zoomed so I can better see the trend.
See how buying pressure is decreasing? ie: the green candles are getting smaller.
Selling pressure seems to be decreasing at first glance, but it's much more active now and it's been consistent.
In aggregate, selling volume is still greater than buying volume.
AdEx has a collapsing trading range, and volatility is decreasing. Although we are still open to some generous swing trades, we have to look at the big picture with regards where to put our wallets. A weekly chart follows with my notes on ADX, followed by a closer zoom on the daily with regards to the next week.
Ethereum Classic potentially setting itself up to divest a large amount of mining power currently being utilized by Ethereum. The upcoming Ethereum Classic airdrop. The upcoming Bitcoin Private hardfork. -Ethereum Classic to divest large amounts of hashing power from Ethereum miners.
Sometimes it behooves us to step back and ask the Universe, "Ok bro, what are you telling me?" Yes, I refer to the Universe as bro. God understands the language you naturally speak.
The Senate Bill 1091, which intends to enable cryptocurrencies for tax payment, was introduced Jan. 10, 2018 and passed by the Senate Finance Committee by a 4-3 vote on Jan. 24.
Bitcoin may be experiencing a potential bear trap for those who open up shorts this evening? Let's look at the charts and see what's really going on with the price of Bitcoin!