Bitcoin Still Points Lower
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.
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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