Is Bitcion cyclically overbought? Have we put in a near-term bottom? The (bombastic) day-trading talking heads lay claim to every extreme option possible, the summed average of which is the most likely outcome: nothing has changed, and so shouldnt the recent historical price trends.
Daily confirmed BTC transactions are still rising post-SegWit, an indication of sustained popularity which has driven the rally over the last year:
blockchain.info/charts/n-transactions?timespan=all&daysAverageString=7
Many inexperienced traders get caught up in technical indicators (the most naive of which is Elliot Wave Theory), but the only true indicators to look at are support and resistance. Support and resistance levels are indications of market microstructure, and indicate levels that bulls and bears have chosen to be economically and/or psychologically significant. Current support/resistance trend-lines indicate that we are at the bottom of the ascending trend that began July 2017. Until we break below this support, stay the course and HODL, as more and more of the traditional banking world wakes up to the viability of crypto.
Daily confirmed BTC transactions are still rising post-SegWit, an indication of sustained popularity which has driven the rally over the last year:
blockchain.info/charts/n-transactions?timespan=all&daysAverageString=7
Many inexperienced traders get caught up in technical indicators (the most naive of which is Elliot Wave Theory), but the only true indicators to look at are support and resistance. Support and resistance levels are indications of market microstructure, and indicate levels that bulls and bears have chosen to be economically and/or psychologically significant. Current support/resistance trend-lines indicate that we are at the bottom of the ascending trend that began July 2017. Until we break below this support, stay the course and HODL, as more and more of the traditional banking world wakes up to the viability of crypto.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.