Short

Still bearish

Updated

BTC is still above its long term up trend and I expect BTC to come back to its logarithme curve.

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Log Scale ON: - Daily timeframe

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Comment

Are we repeating the May 2018 drama, the 2014 one or not?

This is the chart of BTCUSD in 2014 at time similar than today

Here was the outcome

Now let's look at nowadays

Are you still 100% bullish now?

So, what are my thoughts on the short term right now? I honestly don't know.

I would not be surprised if we test the 9500$ level again but I am pretty sure that the bear market is not over.

Technical part:
- Volumes are very low
- We are still below the Ichimocu cloud
- The daily RSI is high
- When a bubble pops we live different stages including fear, capitulation are despair. I don't feel people despaired yet. There is still a bullish sentiment out there. Simply look at what happened when rumors of a possible ETF was published. Bitcoin took 40% in a few days. That does not look like people capitulated or are despaired.

News part:
- Another ETF Bitcoin got rejected by SEC for - and not only for - volatility of Bitcoin
- The outcome of the last US congress hearing was worst than the previous one. Maybe they start understanding that if Bitcoin is used as a mean of payment the power of the US Dollar and a big economy tool of the USA is at risk

Technology part : which makes me extremely bullish on the very long term
- Lightning network is extremely prommissing
- BIP174 opens the doors to the mass market
- A lot of other things very interesting

Comment

Next target 5,850$

tx512

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