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 to the 2500 mark.
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 negative. Internal intraday metrics to weekly measures are showing that bitcoin is weak and sellers continue to maintain the stronghold. Long term position holders to medium term trend traders should be out. However, short term weekly swing trades to high quality intraday pattern alignment with the current momentum has an increased probability to the downside.
Paul "Bulldog" Hudson, Chief Investment Officer
Darwin Investing Network