BITCOIN LONG TERM OUTLOOK
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
Medium term trends in Bitcoin are bearish, however yellow light caution must be given. While medium term trends are maintaining a bearish bias, our confirmation indicators are showing this most recent price action may be waning in the direction of the predominant down move. If the longer term trend continues to remain in a state of selling, then aggressive traders can look for signs of overbought exuberance to leg into a trade.
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.