BTC chart review March 12 @ 20:00 PST
The monthly BTC chart from Bitstamp shows the massive parabolic move in 2017 with 9 heikin ashi bars over the upper bollinger band. (Look for that type of move in the conventional markets)
After pulling back within the band and producing 3 red heikin ashi bars, BTC now has a neutral doji
Stochastics are leveling off from the decline from the overbought level
The weekly chart from Bitstamp shows support at the 50 week moving average in March.
The low produced on Feb 6th has not been pierced to the downside which suggests that it may have been the low for 2018...?
The 20 week ma is rolling over and price will be 'squeezed' by the supporting 50 dma.
Stochastics are on an upswing which is a positive sign
The daily chart from the GDAX exchange shows the current decline and support at the 50 dma
The heikin ashi bars are still in the red, but the last one is short which suggests that the downtrend is slowing down a bit.
Stochastics are oversold, is BTC ready for a cyclical turn around back to the upside?
Stochastics
This is a daily line chart comparison of BTC in Red, Bitcoin Cash in Blue, Bitcoin Gold in Orange and Bitcoin Diamond in light blue.
From coinmarketcap, you can see the BTC marketcap decline since 2013 when it had 95% dominance. The blue line is ETH and the white line is the 'alts' which are on the rise.
Google trends shows the continued decline in the search for BTC with South Africa in the #1 search position.
There are 2 BTC addresses that have a total of 327k Bitcoins for a total of 2.7 billion US dollars.
The BTC address that holds the most Bitcoin has 205,118 coins in it for a total of 1.7 billion and 1.21% of the total coins
The latest BTC random news from Google:
I've mentioned that the Feb 6th low was the low for 2018 in previous posts. While BTC appears to be rising and falling on a whim, it is technically in a bullish pattern of higher highs and higher lows.
BTC Monthly Chart - Strong Trendline + Strong Support = Long?
I think the low for 2018 was in February, my bias is slowly up until the retail buyers come in. Then 20k
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