Another week has past. There is no clear direction yet. I’ve gathered the best charts I’ve found during the week, along with MVRC Z-Score and Google trends.
LookIntoBitcoin | MVRV Z-Score
My screenshot of Google Trends:
My take
I’m still watching the daily closing price for Bitcoin. Since it’s traded 24/7, the price at the time 0:00 UTC is used.
The current parabola (purple line) seems to be intact. I did adjust it somewhat. The next price move will be volatile and the risk is getting higher. I don’t know which direction it will take but it should happen any day soon. I’m considering selling before the a possible breakdown just to lock in profits and decrease risk. Perhaps to increase my position in Litecoin and Ethereum. I’ll keep monitoring the price on a daily basis.
As always I won’t be able to post when I sell or buy but it will be documented real time on Shareville (Nordic readers). I’m trying to trade Bitcoin at a longer time frame but at the moment it’s at a critical point.
Best of luck!
-iZen