"I feel (see chart) like the this latest medium term bull trend (3/24/17 to present) is losing steam. This isn't based on a ton of rigorous TA, but I do see some indicators that are backing up this theory (momentum is slowing or reversing).
Here's why:
A. The slope of the uptrend is rounding
B. Volume spikes are declining, Volume rolling average is declining also
C. MACD divergence is declining
D. RSI is jammed up against the overbought level but can't break above it
Also:
We are in the range (1230-1300) where I (and many others) were expecting a substantial correction or short/medium term trend reversal.
We broke out (sideways/down) of the medium term channel a few days back
BFX withdrawal issues may be artificially propping up the price
Fundamentals (HF, BFX-WF, etc) don't seem to be the reason for this latest bull trend.
What are you thoughts? Expect this trend to continue? reverse? go parabolic? What will happen if BFX reinstates withdrawals (on the one hand it will create lots of short term sell pressure, on the other it will clear up a lot of FUD)?
edit: Just to be clear, I am making no prediction about the lonterm and this chart is not intended to say anything about the long term, or the long term trend. Here is the same chart zoomed out zoomed out a bit with the long term (2015-2017) channel overlayed."
source:
https://www.reddit.com/r/BitcoinMarkets/comments/667y2p/daily_discussion_wednesday_april_19_2017/dggfbok/
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