Just a quick update on the Bitcoin markets today.
We can see that momentum is still against the bull but we are leveling out on the MACD and a long term buy signal could get triggered should this movement up the trendline continue.
I think it is important to note that we have done a 50% retrace from the 6k level down to 12k, and it looks like the market absorb it quite well.
This is a very healthy correction in my opinion and it wouldn’t take much for the bulls to push the tides in their favour again.
On the flip side the market does look weak here, and should the lack of buying volume continue we could see 13500 fail.
I expect a retest of 13k – 12k should immediate support at 13500 fail.
At the moment we are still in no mans land concerning BTC, possible longs and shorts on the table, lets be patient and let the market show us the way.