Bitcoin Falls Out of Price Channel as Weekly Indicators Decline
There has been quite a bit of discussion about Bitcoin and the direction of price.
Based on the weekly chart it should become apparent that until the weekly indicators turn up, Bitcoin will have difficult gaining any price altitude.
In addition, Bitcoin has fallen out of the price channel formed back in April based on the pivot low of $339.79. The only indicator below the chart that has not turned bearish is the Premier Stochastic Oscillator (PSO), but it - especially - should give reason for pause. Why? Because based on the past, it will likely go negative before cycling back up to positive. How long could it take once it cycles red to cycle back to positive? Probably two or three weeks at minimum. However, the more likely scenario is that it will cycle positive (of course after it goes negative) only after the other indicators have bullish crosses.
While many are talking about Bitcoin cycling back up in 2 weeks or so, it may actually take much longer unless something happens that allows the indicators to catch themselves and reverse course. In my opinion, the more likely scenario is the indicators continue cycling down in a process more likely to take several months, rather than several weeks. Just take a look at KDJ and the Ehlers Smoothed Stochastic & RSI with Roofing Filters indicators to get an idea of how long a cycle from top to bottom to top is taking. It isn't two weeks, that's for certain. That doesn't discount getting a bump up, but it does indicate the difficulty Bitcoin price will have going back up significantly higher until the indicator cycles complete.
Based on the weekly chart it should become apparent that until the weekly indicators turn up, Bitcoin will have difficult gaining any price altitude.
In addition, Bitcoin has fallen out of the price channel formed back in April based on the pivot low of $339.79. The only indicator below the chart that has not turned bearish is the Premier Stochastic Oscillator (PSO), but it - especially - should give reason for pause. Why? Because based on the past, it will likely go negative before cycling back up to positive. How long could it take once it cycles red to cycle back to positive? Probably two or three weeks at minimum. However, the more likely scenario is that it will cycle positive (of course after it goes negative) only after the other indicators have bullish crosses.
While many are talking about Bitcoin cycling back up in 2 weeks or so, it may actually take much longer unless something happens that allows the indicators to catch themselves and reverse course. In my opinion, the more likely scenario is the indicators continue cycling down in a process more likely to take several months, rather than several weeks. Just take a look at KDJ and the Ehlers Smoothed Stochastic & RSI with Roofing Filters indicators to get an idea of how long a cycle from top to bottom to top is taking. It isn't two weeks, that's for certain. That doesn't discount getting a bump up, but it does indicate the difficulty Bitcoin price will have going back up significantly higher until the indicator cycles complete.
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