BTC Trend Forecast 27/03BTC has found a good support over the past few days.
Looking back at the period November 2019 - February 2020, its value experienced a few ups and downs before entering a bullish trend, represented in my chart with an ascending triangle.
Considering also the comparison between the current and the past behaviour for both MACD and RSI, there could be a similar development in how the value will progress.
If BTC value were to break the support and enter a bearish phase in the next week, followed by a recovery bullish one, it may be a strong signal for the market of a trend repetition.
In that case, we would observe a strongly bullish path for BTC over a sustained period of time.
What about the market scenario?
What is happening according to many exchanges is that there is a great inflow of new users, probably due to the great reduction in value that both BTC and other Cryptos have experienced. These users are entering the market, probably looking for easy profit, meaning that if BTC would actually be bullish for a certain period they would be likely to cash out leading the bullish trend to an end. This would cause a drop in value and bring the market to face a new challenge in finding its stability.
What do you think?
