Month: February 2022

BTC weekly chart shows a downtrend structure, still at the lower range of the descending channel and trading much below the 10-day MA. That is an indication that, we might be heading to much lower levels. From what I have seen here, the chart construction could still retest the lower lows before making any clear intention of breaking out of this downward channel.

BTC is showing a risk asset behavior which is typically not the best risk-reward for short term. The 18-day high seems to be put on hold with the 7% decline recorded in the last 24 hours. Not a lot of change, BTC heading down from the top of the first half of the 60-day cycle to another declining phase.

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Bitcoin is still sitting long and the chart is "marginally" bullish at the moment. Few green candles in a row; it’s a good sign that we’re gradually breaking out of the downtrend. The new cycle high has not exceeded the prior high of the 60-day cycle, so we cannot say that, the new uptrend structure is fully in place.