Bitcoin and the rest of the crypto market is still looking heavy this week with no definitive sign of a bottom. Short term BTC support is currently being found at $40k and a bounce here could set up a potential bigger picture head and shoulder top. Location is good for a bottom and a bullish MACD divergence is still working, however there is no bullish market structure for set up a new long for longer term investors. My take for the last several weeks has been to wait patiently for bullish market structure after resolving the downtrend line off of November’s double top. While price did manage to get on the other side of that trendline, it is currently walking down it and structure has yet to come in. Watch today’s youtube video for a more in depth analysis as well as a look at DXY, ES, TOTAL, BTC.D, ETH and a few other alt coins.
