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Tuesday, May 22, 2018

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

Conclusion

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.






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