BTCUSD forming a bottom but has a long way to go yet

Morning, Punters.

Check out Bitcoin on the weekly chart. In this case, I’m using the BTCUSD chart, but you could just as easily be trading actual BTC instead of CFDs. I never thought I’d say this but it looks as though Bitcoin is working on putting in a low here. It still has a lot more to prove as yet, but we’ve got some really nice rounding-bottom action after three decent legs down.

Again, still a lot of work to do, but we’re seeing much better action over the past 2 weeks. Certainly not actionable for me at this stage, but I’m watching keenly.

Trade safe folks.

Source: Vantage FX Blog