The one thing you can say is that if you use the MAs as a smoothing function then the Bitcoin (BTC-eUSD) market is still bearish despite the occasional hiccup upwards!
I’m afraid I do not have much to recommend this one apart from a further bear move! Despite the rally during Jan we have ended up with a Monthly Bearish Opening Black Marubozo and even last week we had a Bearish Harami AND we closed below the recently formed 50% Fib at 231.01!
Support will be mainly from two levels, the broken 2013-to-date Uptrend (currently 195.79) & the Jan low at 152.40! Resistance will be the 231.01 50% Fib, the band 259.32 – 265.06, the high at 309.62 then the Medium MA (currently 323.09). Bullet point is therefore fully bearish like the Longer Term View written last month!
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