BTC Macro Trend Analysis

18 apr 2018

I am short BTC right now. Price has broken out of the downward channel and is below the pre-2017 bull run trend channel. In addition to this, price is lingering at the bottom of what I call the "no trade zone." The no trade zone is where BTC is seeing a lot of its sideways trading. I recognize that this is sideways trading like no other stock, but with the volatility of BTC, I think that this range is acceptable to be classified as sideways movement. The downwards trend channel has been pretty accurate throughout this bear market, and we fell pretty hard off hard from the top. There's not much support on the way back up, so it may take a while to see price recover with actual growth (not exponential like we saw in late '17), to retest ATH. Overall, until price can break the no trade zone, I am bearish.