Bitcoin is in a downward trend at the moment. Each day that goes by, Bitcoin's trend reversal ceiling moves down slightly - about $122 per day. When Bitcoin breaks through the downtrend ceiling (green line), we will hopefully begin to see more growth and a strong market recovery. At Bitcoin's current price (about $9,650), the downtrend reversal would occur on March 9, 2018. For Bitcoin to begin an upward reversal today, it would need to break about $11,258 and hold there for some time. The other daily ceiling reversal limits are listed on the chart.
Nice analysis! And yeah I agree that BTC really needs to breakout from 11.5-12k for us to consider crypto of being in a bullish market. Followed you since I just did a TA update on Bitcoin as well!
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Thanks! I'll check it out.
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