#BTC - Bitcoin Long Term Review

Sep 29, 2018

We see a lot of charts showing the daily outlook of Bitcoin, but not many people are talking about the long term. We say the coin is bullish or bearish, for right now I am still bullish on Bitcoin, just believe we are still in a long term correction. Since the all time high, every month has either been lower than the next, or equal. Many short term opportunities out there but the long term outlook has been bleak. Why am I still bullish on Bitcoin? We are still above the 20 month moving average. Right now that average is under $4900, and we have been holding pretty strong above the 6k mark for the last few months, but volatility is on a sharp decline. This tells me that trading is slowing a bit but anyone who knows bollinger bands as volatility starts to drop its a sign of things to come, meaning it has to expand eventually. This change can go either eay, bullish or bearish, but it will come. We can see this more on the weekly chart.

The bands are constricting more each week. The BB Width chart is dropping almost to 0 which is the indicator showing the drop in volatility. As you can see here, there has barely been a break in the 20 week moving average. As the bands continue to constrict on the weekly chart we will get a better outlook as to the longer term direction of bitcoin, though if we remain under the 20 week average chances are, were going down. Though if we find ourselves above the average, we may see the bullish move everyone has been hoping for.

Now though there is still money to be made daily, though i wont hold coins for long. Get in, make your profit, get out.