Bitcoin Still Points Lower

Bitcoin's price is still in a downtrend.

We've pointed out that Bitcoin (BTCUSD) is in a downtrend despite many expectations of a positive Consensus conference reaction. That's a sign of good news "bad action" and is a bearish trading signal.

As bullish as you might be on crypto's future we have to acknowledge the price trends not to get carried out.  Add to that so many are trading on leverage that it's all the more important to care about what the technicals are telling you.

Let's review the technicals.

Each Jump Gets Met With Selling

Every time there's hope for a bottom and Bitcoin jumps selling comes in.

Let's see.

btcusd chart trend
You have a clear downtrend in the chart to the left. You also see every pop gets quickly followed with selling.


Before getting bullish you have to see Bitcoin start moving back up.  A downtrend, said simply, is bearish.  With a lack of clear fundamental catalysts we have to respect the price trend. Currently that's still going down as we pointed out here and here.


All investments have many risks and can lose principal in the short and long term. The information provided is for information purposes only and can be wrong. By reading this you agree, understand and accept that you take upon yourself all responsibility for all of your investment decisions and to do your own work and hold Elazar Advisors, LLC, and their related parties harmless. Model portfolio trades and positions are hypothetical to be used for directional analysis and ratings purposes. Elazar and its employees do not take individual stock positions to avoid front running and other potential customer related issues.

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