Short term
Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency is testing support at points 103400. This could give a positive reaction, but a downward breakthrough of points 103400 means a negative signal. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically slightly positive for the short term.
Recommendation one to six weeks: Weak Positive (Score: 43)
Medium term
Bitcoin is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The currency has broken down through support at points 106000. This predicts a further decline. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically slightly negative for the medium long term.
Recommendation one to six months: Weak Negative (Score: -43)
Long term
Bitcoin is in a rising trend channel in the long term. Rising trends indicate that the currency experiences positive development and that buy interest among investors is increasing. The currency has marginally broken down through support at points 106000. An established break predicts a further decline. The currency is assessed as technically neutral for the long term.
Recommendation one to six quarters: Hold (Score: 17)
