Some bearish observations on a weekly chart.
1. The last candle closed below the ichimoku cloud and the current candle is also below the cloud.
2. Bitcoiners are following a false trendline (dotted green) which is not a good trendline because it was drawn against a single wick from a flash crash rather than against the bodies of the candles. The real trendline (solid green) has already broken and become resistance.
3. Even the false trendline (dotted green) is being tested too much and looks like it's about to break. If it is broken, the next identifiable trendline on the chart is the solid blue line.
4. The volume is declining. The volume of the last rally was extremely low compared to the previous declines in this same price area. As far as I know there hasn't been a significant expansion in exchange structure away from Bitstamp since then. Actually the volume has been going down on Chinese exchanges so it should be INCREASING on Bitstamp.
5. The rsi overall is curving down. it shifting from an uptrend to a downtrend when it hit its peak in April 2013 and is making lower highers and lower lows.
6. The stock rsi is in a trend of lower lows, longer bear markets, and shorter bull markets. If the pattern is to be followed, then it is possible that the current 'bull market' is already over.
7. The weekly MACD went negative and the weekly EMAs crossed down for the first time since 2011.
8. The recovery looks ugly and choppy versus the recoveries of previous years which had neat and clean penants. The peak of 548 in April was breached with a decline to 537. The decline should have been significantly above the peak, for example 570 - not breached it.
Longs should hope that we cross back above that cloud really soon.
2. Bitcoiners are following a false trendline (dotted green) which is not a good trendline because it was drawn against a single wick from a flash crash rather than against the bodies of the candles. The real trendline (solid green) has already broken and become resistance.
3. Even the false trendline (dotted green) is being tested too much and looks like it's about to break. If it is broken, the next identifiable trendline on the chart is the solid blue line.
4. The volume is declining. The volume of the last rally was extremely low compared to the previous declines in this same price area. As far as I know there hasn't been a significant expansion in exchange structure away from Bitstamp since then. Actually the volume has been going down on Chinese exchanges so it should be INCREASING on Bitstamp.
5. The rsi overall is curving down. it shifting from an uptrend to a downtrend when it hit its peak in April 2013 and is making lower highers and lower lows.
6. The stock rsi is in a trend of lower lows, longer bear markets, and shorter bull markets. If the pattern is to be followed, then it is possible that the current 'bull market' is already over.
7. The weekly MACD went negative and the weekly EMAs crossed down for the first time since 2011.
8. The recovery looks ugly and choppy versus the recoveries of previous years which had neat and clean penants. The peak of 548 in April was breached with a decline to 537. The decline should have been significantly above the peak, for example 570 - not breached it.
Longs should hope that we cross back above that cloud really soon.
Feragatname
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