BITCOIN LONG TERM OUTLOOK
Long term downtrend is still in play, not a shocker, however…Long term trends in Bitcoin continue to remain bearish. Price action is confirming that it just cannot hold, and continues to break down. Long term holders of bitcoin should be out, or at least holding less than core allocations. While shorting can be considered aggressive, long term position players could consider finding quality pattern formations to trade on the short side with shorter trade durations.
BITCOIN MEDIUM TERM UPDATE
An inverse head and shoulders is popping up and aggressive traders could leg now before confirmation. Medium term trends in Bitcoin continue to remain bullish. Price action is primed for swing traders in these zones. Our confirmation indicators are confirming the current trend which can help give traders the green light with more assurance.
BITCOIN SHORT TERM VIEW
Short term momentum right now is positive. Internal intraday metrics to weekly measures are showing that bitcoin is picking up and maintaining its current velocity to the upside. Short term weekly swing trades to high quality intraday pattern alignment with the current momentum has an increased probability of success.
Paul "Bulldog" Hudson, Chief Investment Officer
Darwin Investing Network