The price of Bitcoin has been in a fair amount of limbo since the last time we took a step back to update its price action, so we're going to briefly look at its current trajectory in this price analysis and see if we can't estimate where it may be going from this point.
Current Look at Bitcoin
Below is a chart that shows Bitcoin in its current iteration:
Looking above at the chart, we can see that Bitcoin has maintained its long-term underlying uptrend dating back to approximately March 13th (which was that day where Bitcoin fell through the basement and shed -50%+ in one fell swoop as the global markets themselves teetered over).
True Moment of Truth for Bitcoin Going Forward
As we zoom into our chart and look a bit closer at Bitcoin's current price action, we can see that its currently at a 'true' crossroads in the price, which we can see below:
Cryptomedication Volatility RSI
A picture of the Volatility RSI can be seen above.
As noted before, the way that this custom indicator works is that it tracks both volatility as well as consolidation / expansion of price action.
Whenever the indicator is headed downward with a red coloring, that indicates:
B) Decreasing Volatility / Reversal
In this case, a swift downward motion usually indicates a reversal in the direction of the volatility (more on this indicator later and its functionality; it was built quite some time ago).
As it plunges downward, typically the price movement goes in accordance with it.
Balance of Power RSI
BoP RSI headed straight downward (south) & also in the negative, flashing red on the actual indicator line itself.
This typically signals heavy sell pressure.
Given the fact that Bitcoin is hanging right on an underlying uptrend support, this could be ominous.
A crack below that uptrend support could have a disastroud impact for Bitcoin in the near future (for bulls at least).
Librehash RSI (custom indicator)
RSI here is no more positive for Bitcoin than the other two major indicators that we covered here.
We remain firmly committed to seeing out the bearish case scenario for Bitcoin.
Currently, its in a dangerous position as it teeters directly on the underlying uptrend support on the daily resolution.
This support is also not as long-lasting as one would hope that such a support would be for Bitcoin that is to be relied upon to buoy the price much further along for bulls.
No targets given, same as previous price analysis.